2011-09-30 Lakeland General (quarterly report)

City of LakelandEmployees' Retirement System

3rd Quarter 2011

3rd Quarter 2011 Market Environment

Page 2

The Market EnvironmentMajor Market Index Performance

The third quarter was extremely difficult for global equities asvirtually all market segments, styles and countries experienced“double-digit” losses. During the quarter, the equity market reactednegatively to “resolved” issues including the debt ceiling debate, theU.S. sovereign downgrade and the Fed’s $400 billion “twist”. Whilemarkets almost always react negatively to uncertainty, the eventslisted above make it clear that unwanted resolutions often are notviewed very favorably either. In contrast to equities, the bondmarket, particularly U.S. Treasuries, posted positive results (somuch for a downgrade). Outside of the U.S., Europe’s evolvingsovereign financial crisis continued to unfold over the course of thequarter with no palatable solutions on the horizon. As a result, theworld’s financial markets were like a swinging pendulum, reacting toeach positive and negative news event with volatile and often violentshifts in value. As these events and their ramifications continue tounfold, it appears that heightened volatility is likely to be a marketreality for the immediate future.

Large cap stocks, as measured by the S&P 500, returned -13.9% forthe quarter with September accounting for nearly half of the losses.This quarter represented the worst return for the S&P 500 since thefourth quarter of 2008 (-21.9%) and the 19th worst quarter since1926. Mounting evidence of a second leg down in economic activityhit small and mid cap issues particularly hard with the Russell 2000index (small cap) returning a disappointing -21.9% and the RussellMidCap index posting a return of -18.9%.

International equity results were also negative for the quarter withthe MSCI-ACWxUS index returning -19.8% in U.S. Dollars (USD)and the MSCI-EM index posted a weaker -22.5%. The quarter’sflight to the USD resulted in a large negative total return impact forbroadly diversified, un-hedged U.S. investors.

The domestic bond market was the primary benefactor of thequarter’s equity market weakness as investors poured into highquality bonds, particularly U.S. Treasuries. The broad marketBarclays US Aggregate index returned a strong 3.8% for the quarter.

Period Ended: September 30, 2011

Source: PARis / Investment Metrics

0.0%

2.9%2.4%

4.5%5.8%

3.8%

-21.9%

-18.9%-14.7%

-15.3%-13.9%

-22.5%

-19.0%-19.8%

-25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0%

3-Month T-Bill

Barclays Corp IGBarclays MBS

Barclays US TIPSBarclays US GovtBarclays US Agg

Russell 2000Russell MidCap

Russell 1000Russell 3000

S&P 500

MSCI Emerg MktsMSCI EAFE

MSCI ACWxUS

Quarter Performance

0.1%

4.4%5.6%

9.9%5.6%

5.3%

-3.5%-0.9%

0.9%0.5%

1.1%

-15.9%-8.9%

-10.4%

-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0%

3-Month T-Bill

Barclays Corp IGBarclays MBS

Barclays US TIPSBarclays US GovtBarclays US Agg

Russell 2000Russell MidCap

Russell 1000Russell 3000

S&P 500

MSCI Emerg MktsMSCI EAFE

MSCI ACWxUS

1-Year Performance

Page 3

The Market EnvironmentDomestic Equity Style Index Performance

Equity results were negative across the capitalization spectrum forthe quarter, but the style-based results were mixed. Growthoutperformed value in the broad and large cap segments of themarket. The Russell 1000 large cap style benchmarks recorded thelargest span with growth outperforming value by a margin of 310basis points. In the small and mid cap segments of the market,growth actually trailed value for the quarter. However, value’sadvantage over growth in the small and mid cap segments of themarket was less than 100 basis points for each segment.

Growth was able to outpace value in the large cap space due to thelarge cap growth benchmark’s over-weighted positions in theinformation technology (+19.1% vs. value) and consumer staples(+4.6% vs. value) sectors. Although each sector was negative forthe quarter, both were down much less than the broad index results.In contrast, financials, which represent a significant overweight in thelarge cap value benchmark (+21.9% vs. growth), were down morethan 22% for the quarter. Interestingly, focusing on the small capsegment of the market, financial sector performance was actuallyless negative than the information technology sector by 700 basispoints. As a result, the financially dominated small cap valuebenchmark was able to outpace the information technologydominated growth benchmark for the quarter.

Over the one-year period, growth benchmarks outperformed valuebenchmarks in all capitalization ranges. In the small cap segment ofthe market, both growth and value results were negative, but valuetrailed growth by a wide 490 basis points. Outside of small cap, thestyle differentials appear more visually pronounced since valueresults at each capitalization range were negative for the year, whilethe corresponding growth results were positive.

Source: PARis / Investment Metrics


-22.2%

-21.9%

-21.5%

-19.3%

-18.9%

-18.5%

-13.1%

-14.7%

-16.2%

-13.9%

-15.3%

-16.6%

-25.0% -20.0% -15.0% -10.0% -5.0% 0.0%

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

Quarter Performance - Russell Style Series

-1.1%

-3.5%

-6.0%

0.8%

-0.9%

-2.4%

3.8%

0.9%

-1.9%

3.4%

0.5%

-2.2%

-8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0%

2000 Growth

2000 Index

2000 Value

MidCap Growth

MidCap Index

MidCap Value

1000 Growth

1000 Index

1000 Value

3000 Growth

3000 Index

3000 Value

1-Year Performance - Russell Style Series

Page 4

Source: Thompson Financial

The Market EnvironmentGICS Sector Performance & (Sector Weight)

The performance of the Global Industry Classification Standard(GICS) economic sectors of the Russell 1000 large cap stock indexcovered a span of 2,500 basis points from best to worst. Themacro-driven volatility that dominated the quarter’s results left fewsectors unscathed and only seemed to intensify as the quarterprogressed. Within the ten economic sectors of the Russell 1000,nine posted negative performance for the quarter, with four sectorsdown more than 20%. The utilities’ sector return of +0.2% was theonly economic sector of the Russell 1000 that managed to produce apositive return for the quarter.

All ten GICS sectors of the Russell 2000 small cap index postednegative results for the quarter. Classic defensive sectors likeconsumer staples (-11.3%) and utilities (-3.3%) offered portfolios thegreatest downside protection for the quarter. However, with sixsectors of the Russell 2000 down more than 20% and two moresectors down in the “high-teens”, there were not many places to hidein the small cap segment of the market.

With 2010’s strong third quarter sector results rolling off the one-yeartrailing performance chart, the returns are much more mixed. TheRussell 1000 posted seven positive sector results over the one-yearperiod. The consumer staples (+10.6%) and utilities (+11.8%)sectors posted the strongest one-year results while financial sectorreturned a disappointing -15.3% over the period. In contrast to largecap, only three sectors of the Russell 2000 managed to post positiveresults for the year. Much like the Russell 1000, the defensiveconsumer staples (+9.1%) and utilities (+11.9%) sectors led theRussell 2000’s performance for the year.


11.8%

3.7%

3.4%

-15.3%

6.1%

10.6%

5.4%

-4.9%

-7.0%

7.0%

0.2%

-9.0%

-9.1%

-22.1%

-11.0%

-4.3%

-14.3%

-21.9%

-24.8%

-20.9%

-30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0%

Utilities (4.1%)

Telecom Services (3.1%)

Info Technology (3.8%)

Financials (18.9%)

Health Care (10.4%)

Consumer Staples (12.1%)

Consumer Disc (14.2%)

Industrials (11.1%)

Materials (10.6%)

Energy (11.6%)

Russell 1000 Quarter 1-Year

11.9%

-2.0%

-4.8%

-6.4%

2.4%

9.1%

-5.8%

-6.2%

-8.1%

-2.7%

-3.3%

-27.5%

-24.7%

-17.7%

-19.3%

-11.3%

-22.7%

-24.2%

-28.3%

-32.5%

-40.0% -30.0% -20.0% -10.0% 0.0% 10.0%

Utilities (4.0%)

Telecom Services (1.0%)

Info Technology (4.5%)

Financials (17.2%)

Health Care (15.1%)

Consumer Staples (12.9%)

Consumer Disc (22.1%)

Industrials (6.2%)

Materials (3.8%)

Energy (13.1%)

Russell 2000 Quarter 1-Year

Page 5

The Market EnvironmentTop 10 Index Weights & Quarterly Performance for the Russell 1000 & 2000

Source: Thompson Financial


Top 10 Weighted Stocks Top 10 Weighted Stocks

Russell 1000 Symbol Weight Return Sector Russell 2000 Symbol Weight Return SectorExxon Mobil Corp XOM 2.93% -10.1% Energy Interdigital Inc IDCC 0.25% 14.3% Information TechnologyApple Inc AAPL 2.75% 13.6% Information Technology Mfa Financial Inc MFA 0.24% -9.9% FinancialsIBM IBM 1.64% 2.5% Information Technology Healthspring Inc HS 0.24% -20.9% Health CareChevron Corp CVX 1.57% -9.3% Energy Sothebys BID 0.23% -36.5% Consumer DiscretionaryMicrosoft Corp MSFT 1.52% -3.7% Information Technology Berry Petroleum Co BRY 0.23% -33.3% EnergyGeneral Electric Company GE 1.39% -18.4% Industrials Amer Campus Communities Inc ACC 0.23% 5.7% FinancialsJohnson & Johnson JNJ 1.39% -3.4% Health Care World Fuel Services Corp INT 0.23% -9.0% EnergyProcter & Gamble Co PG 1.37% 0.2% Consumer Staples Netlogic Microsystems Inc NETL 0.23% 19.0% Information TechnologyAT&T Inc T 1.36% -8.0% Telecomm Service Rosetta Resources Inc ROSE 0.23% -33.6% EnergyPfizer Inc PFE 1.16% -13.2% Health Care Mid Amer Apar Communities Inc MAA 0.22% -9.9% Financials

Top 10 Performing Stocks Top 10 Performing Stocks

Russell 1000 Symbol Weight Return Sector Russell 2000 Symbol Weight Return SectorMotorola Mobility Holdings Inc MMI 0.06% 71.4% Information Technology Harleysville Group Inc HGIC 0.03% 91.6% FinancialsPetrohawk Energy Corp HK 0.05% 56.9% Energy Apac Customer Services Inc APAC 0.02% 59.8% IndustrialsPharmasset Inc VRUS 0.04% 46.8% Health Care SFN Group Inc SFN 0.04% 54.0% IndustrialsEmdeon Inc EM 0.00% 43.2% Health Care Stamps.Com Inc STMP 0.02% 53.2% Information TechnologyAlexion Pharmaceuticals Inc ALXN 0.08% 36.2% Health Care Staar Surgical Co STAA 0.02% 47.2% Health CareGoodrich Corp GR 0.09% 26.8% Industrials Athenahealth Inc ATHN 0.18% 44.9% Health CareNalco Holding Co NLC 0.04% 25.9% Materials Global Industries Ltd GLBL 0.05% 44.5% EnergyBiomarin Pharmaceutical Inc BMRN 0.03% 17.1% Health Care FXCM Inc FXCM 0.02% 42.0% FinancialsNewmont Mining Corp NEM 0.23% 17.1% Materials Universal Display Corp PANL 0.14% 36.6% Information TechnologyKinetic Concepts Inc KCI 0.03% 14.3% Health Care Arch Chemicals Inc ARJ 0.10% 36.2% Materials

Bottom 10 Performing Stocks Bottom 10 Performing Stocks

Russell 1000 Symbol Weight Return Sector Russell 2000 Symbol Weight Return SectorDendreon Corp DNDN 0.02% -77.2% Health Care Ener1 Inc HEV 0.00% -87.5% IndustrialsTerex Corp TEX 0.02% -63.9% Industrials Pmi Group Inc PMI 0.01% -81.3% FinancialsAlpha Natural Resources Inc ANR 0.06% -61.1% Energy General Maritime Corp GMR 0.01% -80.7% EnergyManitowoc Co Inc MTW 0.01% -60.2% Industrials Eastman Kodak Co EK 0.06% -78.2% Consumer DiscretionaryAk Steel Holding Corp AKS 0.01% -58.3% Materials Motricity Inc MOTR 0.01% -78.1% Information TechnologySunpower Corp SPWRA 0.01% -58.1% Information Technology Broadwind Energy Inc BWEN 0.01% -77.9% IndustrialsNetflix Inc NFLX 0.09% -56.9% Consumer Discretionary Imperial Holdings Inc IFT 0.01% -76.4% FinancialsFirst Solar Inc FSLR 0.05% -52.2% Information Technology Gentiva Health Services Inc GTIV 0.03% -73.5% Health CareUnited States Steel Corp X 0.04% -52.1% Materials Pacific Biosciences Of Cal Inc PACB 0.02% -72.6% Health CareMonster Worldwide Inc MWW 0.01% -51.0% Information Technology Alliance Healthcare Services Inc AIQ 0.00% -70.0% Health Care

Page 6

The Market EnvironmentInternational and Regional Market Index Performance (Country Count)

Source: MSCI

Each of the diversified international equity benchmarks were downroughly 20% for the quarter in U.S. Dollars (USD). In fact, none ofthe 44 countries that make up the MSCI-ACWxUS index posted apositive return in USD for the period. Greece, which remains at thecenter of Europe’s concerns, posted the weakest countryperformance in the index with a return of -46.6% for the quarter.Despite the “headline” focus on Greece, the quarter’s losses werewidespread with only four countries able to avoid “double-digit”losses for the period. The broad MSCI-ACWxUS index returned aweak -19.8% for the quarter. Within these broad market results, theemerging market index (MSCI-EM) posted a weaker -22.5% and thedeveloped market index (MSCI-EAFE) returned a slightly lessnegative return of -19.0%.

Positive sector performance was nonexistent for developed andemerging market benchmarks for the quarter. Much like domesticequity sector performance, the negative return MSCI-ACWxUS indexwas driven by weak performance in energy (-21.9%), materials(-25.9%), industrials (-23.4%) and financial (-23.8%) sectors.Although these outsized losses dominated results, there was littleinvestor downside protection in other areas of the market as only theconsumer staples sector (-9.3%) managed to stay out of“double-digit” negative territory for the quarter.

The re-ignition of global fear was evident in the return impact ofbroad currency movements during the quarter. Although the U.S.Treasury suffered a downgrade, in a counter-intuitive result, theUSD actually strengthened against many of the world’s currencies.With the exception of the Pacific region, whose currencies showedmild depreciation relative to the USD, the currencies of otherinternational regions clearly illustrate the quarter’s USD strength.This strength was a drag on U.S. investor returns of foreign holdings.

Over the one-year period, the developed MSCI-EAFE index returned-8.9%, and the MSCI-EM index posted a weaker -15.9% in USD.The Pacific region of the developed markets was the strongestregion as Japan (0.1%) and New Zealand (21.3%) represented theonly two positive performing countries over the one-year period.


-11.6%

-16.9%

-19.4%

-14.9%

-11.9%

-17.5%

-15.7%

-15.4%

-15.2%

-24.5%

-21.1%

-29.5%

-22.5%

-11.7%

-22.6%

-19.0%

-18.9%

-19.8%

-35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0%

EM Latin Amer (5)

EM Asia (8)

EM Europe (5)

Emerging Mkt (21)

Pacific (5)

Europe (16)

EAFE (22)

WORLD x US (23)

AC World x US (44)

Quarter Performance USD Local Currency

-13.9%

-12.7%

-9.7%

-11.7%

-9.1%

-10.9%

-10.4%

-9.9%

-10.3%

-21.2%

-14.2%

-17.2%

-15.9%

-4.1%

-11.3%

-8.9%

-8.7%

-10.4%

-25.0% -20.0% -15.0% -10.0% -5.0% 0.0%

EM Latin Amer (5)

EM Asia (8)

EM Europe (5)

Emerging Mkt (21)

Pacific (5)

Europe (16)

EAFE (22)

WORLD x US (23)

AC World x US (44)

1-Year Performance USD Local Currency

Page 7

The Market EnvironmentU.S. Dollar International Index Attribution & Country Detail

Source: MSCI

Period Ended: September 30, 2011MSCI - EAFE Sector Weight Quarter Return 1-Year ReturnEnergy 8.2% -18.1% -2.7%Materials 10.0% -27.9% -12.4%Industrials 12.3% -22.1% -9.4%Consumer Discretionary 10.2% -20.0% -7.4%Consumer Staples 11.4% -8.6% 2.6%Health Care 9.7% -9.7% 3.2%Financials 22.1% -24.1% -19.8%Information Technology 5.0% -15.5% -8.2%Telecommunication Services 6.2% -11.3% -0.8%Utilities 4.9% -14.0% -12.2%Total 100.0% -19.0% -8.9%

MSCI - ACWIxUS Sector Weight Quarter Return 1-Year ReturnEnergy 10.9% -21.9% -8.1%Materials 11.9% -25.9% -13.7%Industrials 10.4% -23.4% -12.0%Consumer Discretionary 9.2% -20.0% -7.2%Consumer Staples 9.8% -9.3% 1.5%Health Care 7.0% -10.3% 2.7%Financials 23.4% -23.8% -19.0%Information Technology 6.5% -16.2% -9.8%Telecommunication Services 6.6% -10.7% -1.4%Utilities 4.3% -15.8% -13.2%Total 100.0% -19.8% -10.4%

MSCI - Emerging Mkt Sector Weight Quarter Return 1-Year ReturnEnergy 13.8% -25.8% -14.7%Materials 13.9% -27.1% -19.4%Industrials 6.6% -29.1% -25.4%Consumer Discretionary 8.1% -19.2% -5.3%Consumer Staples 7.5% -12.8% -3.7%Health Care 1.1% -17.6% -15.8%Financials 23.7% -25.9% -23.6%Information Technology 12.9% -16.6% -9.7%Telecommunication Services 8.8% -9.8% -3.7%Utilities 3.5% -24.2% -19.8%Total 100.0% -22.5% -15.9%

MSCI-EAFE MSCI-ACWIxUS Quarter 1- YearCountry Weight Weight Return ReturnJapan 23.1% 15.9% -6.4% 0.1%United Kingdom 22.2% 15.2% -15.4% -5.3%France 9.1% 6.2% -29.8% -16.8%Switzerland 8.6% 5.9% -17.5% -3.0%Australia 8.4% 5.8% -20.1% -8.9%Germany 7.7% 5.3% -31.0% -13.0%Spain 3.5% 2.4% -22.1% -17.1%Sweden 2.9% 2.0% -26.6% -16.2%Hong Kong 2.7% 1.9% -19.9% -17.2%Netherlands 2.4% 1.7% -21.8% -15.6%Italy 2.3% 1.6% -31.0% -24.7%Singapore 1.7% 1.2% -18.2% -11.4%Denmark 1.0% 0.7% -24.1% -16.7%Belgium 1.0% 0.7% -19.1% -15.1%Finland 0.9% 0.6% -26.1% -25.5%Norway 0.9% 0.6% -21.6% -7.3%Israel 0.7% 0.5% -25.4% -27.6%Austria 0.3% 0.2% -37.7% -24.6%Ireland 0.3% 0.2% -20.6% -0.6%Portugal 0.3% 0.2% -22.0% -14.4%Greece 0.2% 0.1% -46.6% -53.7%New Zealand 0.1% 0.1% -6.5% 21.3%Total EAFE Countries 100.0% 68.8% -19.0% -8.9%Canada 8.2% -18.8% -6.2%Total Developed Countries 77.0% -18.9% -8.7%China 3.9% -25.2% -23.9%Korea 3.4% -23.3% -6.0%Brazil 3.4% -26.9% -25.5%Taiwan 2.6% -17.7% -5.9%South Africa 1.8% -16.8% -9.5%India 1.7% -19.9% -25.1%Russia 1.5% -31.0% -11.5%Mexico 1.1% -19.7% -6.3%Malaysia 0.8% -17.0% -5.5%Indonesia 0.7% -11.0% 0.0%Thailand 0.4% -14.3% -7.3%Chile 0.4% -26.2% -21.7%Poland 0.4% -32.6% -21.6%Turkey 0.4% -15.6% -29.1%Colombia 0.2% -12.5% -11.9%Philippines 0.2% -6.9% -9.8%Peru 0.1% -4.7% -18.1%Czech Republic 0.1% -21.7% -6.5%Egypt 0.1% -20.7% -36.9%Hungary 0.1% -44.4% -38.4%Morocco 0.0% -9.2% -1.5%Total Emerging Countries 23.0% -22.5% -15.9%Total ACWIxUS Countries 100.0% -19.8% -10.4%

Page 8

The Market EnvironmentDomestic Bond Sector & Broad/Global Bond Market Performance

Source: Barclays Capital Live

The Merrill Lynch index data that has been historically used tocompose the fixed income sector charts has been replaced with dataprovided by Barclays Capital. We made this change in order toimprove the consistency of the dataset used in the MarketEnvironment section of the performance book. Given the similaritiesin the structure of these benchmarks, this change will not materiallyimpact any interpretation of results.

With the exception of non-investment grade debt (high yield),domestic broad fixed income results were positive during the quarter.The Barclays Aggregate bond index posted a return of 3.8%. Withinthe broad benchmark’s segments, the Treasury (6.5%), mortgage(2.4%) and corporate (2.9%) portions of the index all contributed tothe broad market performance. The dominant Treasury return wasaided by a general “flight to safety” on global fears as well as theanticipation of additional monetary stimulus by the Fed. Treasuryinflation protected securities (TIPS) were also a beneficiary of fallingrates during the quarter with a return of 4.5%. The quarter’spreference for quality is also clearly evident in the scaled creditbenchmark results. High quality AAA issues returned 4.2%, lowerquality Baa issues returned 2.2%, and high yield issues posted areturn of -6.1%. Outside of the U.S. market, the Barclays GlobalAggregate xUS benchmark posted a return of -0.7% for the quarterin USD. This global bond index number was also negativelyimpacted by the strength in the USD as the equivalent hedged indexreturned +2.6% for the quarter.

The trailing one-year returns were solid for the various broad andsector-based fixed income indices. Much like the quarter, one-yearfixed income results were dominated by the performance of Treasury(6.0%) and TIPS (9.9%) securities. Corporate credit results werealso strong over the year with all investment grade credits returningin excess of 4.0% for the period. The advantage of longer-durationportfolios in the trailing year’s falling interest rate environment isevident in the 110 basis point return differential between theBarclays Aggregate and the Barclays Intermediate Aggregatebenchmarks.


-0.7%

2.3%

3.8%

4.5%

2.9%

2.4%

6.5%

-6.1%

2.2%

2.9%

3.3%

4.2%

-8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0%

Global Agg x US

Intermediate Agg

Aggregate

TIPS

Corporate

Mortgage

Treasury

High Yield

Baa

A

AA

AAA

Quarter Performance

3.3%

4.2%

5.3%

9.9%

4.4%

5.6%

6.0%

1.8%

4.9%

4.4%

4.5%

5.5%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

Global Agg x US

Intermediate Agg

Aggregate

TIPS

Corporate

Mortgage

Treasury

High Yield

Baa

A

AA

AAA

1-Year Performance

AAA, AA, A, Baa, Treasury, Mortgage & Corporate benchmarks are sub-components of the Barclays Aggregate Index.

Page 9

The Market EnvironmentMarket Rate & Yield Curve Comparison

Source: Mortgage-X.com, US Department of Treasury & St. Louis Fed

The third quarter opened with market participants assessing theimpact of the end of the Fed’s $600 billion Treasury purchaseprogram (QEII) and ended with participants assessing the eventualimpact of the Fed’s $400 billion portfolio “twist” (not quite QEIII).Through this new program, the Fed will shift $400 billion of its currentportfolio of Treasury holdings of less than 3-years for $400 billion ofTreasury issues beyond 6-years by 6/30/12. This “twist” willeffectively push long-term rates lower, flattening the yield curve inthe process. While the Fed’s stated purpose of this action is tosupport a stronger economic recovery and to help ensure thatinflation, over time, is at levels consistent with its dual mandate, itwill likely move investors into riskier, higher-yielding assets. TheFed took similar policy action in 1961 (when the “twist” was a dancecraze) that is viewed through history’s lens with mixed results. Inorder to support conditions in the mortgage market, the Fed alsocommitted to reinvest principal agency and MBS debt paymentsback into MBS securities.

There was no direct action by the Fed on short-term rates during thequarter so the fed funds rate remained unchanged (targeted at 0.0%to 0.25%). The 10-year Treasury finished the quarter at a yield of1.92%, which was an incredible 126 basis points lower than itopened the quarter. This 10-year Treasury rate decrease wasaccompanied by a manifestation of global investor fears over a“second leg” down in the economy as corporate spreads (BAA/10yr)widened by 58 basis points.

Investors growth and inflation expectations have waned dramaticallyover recent quarters to the point of renewed recessionaryexpectations. As a result of this negative outlook, rates closed thecurrent quarter below their 9/30/10 levels. While some of thesteepness has come out of the yield curve over the past year, theabsolute decrease in rates since last quarter was much larger forlonger maturities. The average yield decrease for maturities of up toone-year was only 2.5 basis points. Out further on the yield curve,the average decrease was 46.3 basis points for maturities between2&5-years and 94.7 basis points for maturities in excess of 5-years.


0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr

Treasury Yield Curve

9/30/2010 12/31/2010 6/30/2011 9/30/2011

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

Sep-10 Dec-10 Mar-11 Jun-11 Sep-11

1-Year Trailing Market Rates

Fed Funds Rate TED Spread 3-Month LiborBAA/10yr Spread 10yr Treasury 10yr TIPS

Page 10

1,100

1,150

1,200

1,250

1,300

1,350

06/30 07/5 07/10 07/15 07/20 07/25 07/30 08/4 08/9 08/14 08/19 08/24 08/29 09/3 09/8 09/13 09/18 09/23 09/28

*S&P 500 3rd Quarter Total Return -13.87%

3rd Quarter by the Numbers 189.22 Cumulative Point Decline (-14.33%*)64 Trading Days33 Negative Days33 +/- 1% (51.6%)19 +/- 2.0% (29.7%)6 +/- 4.0% (9.4%)

Worst Day 8/8/11 -79.92 points (-6.66%)Best Day 8/9/11 + 53.07 points (+4.74%)

Open

Close

High

Low

Up Day

Close

Open

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6/30/111,320.64

9/30/111,131.42

S&P 500 Price Index Level

The Market EnvironmentThe 3rd Quarter Domestic Equity Market at a Glance

Daily High/Low/Open/Close for the S&P 500 Price Index Through 9/30/11

September -7.03%August -5.43%July -2.03%Total Return

8/31

7/29

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The Market EnvironmentHow are you doing? How are we doing?

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Page 12

Manager Review – Fixed Income 3rd Quarter 2011 Pyramis – Intermediate Core Fixed Income: After eight

consecutive quarters of outperformance relative to the benchmark, the Pyramis Intermediate Duration strategy trailed the benchmark Barclays Capital Intermediate Government/Credit Bond Index® by 14 basis points for the Third Quarter (+2.25% vs. +2.39%). However, portfolio performance exceeds the index for the one, three, and five-year periods. Exposure to the asset-backed securities (ABS) sector and a focus on auto loan ABS positively contributed to relative performance. Asset-backed securities are not in the index and was the only spread sector that did not underperform similar duration Treasurys during the quarter and the portfolio had approximately 8% in the sector compared to 0% for the index. The largest detractor to relative performance was an underweight to Treasurys (40.1% vs. 54.4%), which was the best performing sector during the last two months of the quarter as investors reduced their risk tolerance. Furthermore, the portfolio’s shorter duration in the sector than the index did not help to offset the underweight exposure as longer-dated Treasury securities outperformed shorter-dated securities as the yield curve flattened. In addition to the underweight to Treasurys, an overweight to Corporate securities (31.8% vs. 27.6%) detracted from performance. While the team’s focus on more stable financials within the sector was positive and a longer duration than the index in the sector detracted as longer-duration corporates underperformed shorter duration securities. From an overall portfolio characteristics perspective relative to the index, the portfolio maintained a higher yield-to-worst (1.98% vs. 1.53%) and a lower duration (4.33 years vs. 4.35 years). Pyramis continues to focus on macro-level risks, but believes there opportunities as a result of the widening of spreads across several sectors. The team will continue to be selective in adding new positions and will focus on those securities that should perform well in the worst case economic scenarios. Within Corporates, the team will continue to favor financials over industrials due to valuations.

Loomis Sayles – Core Total Return: For the quarter, the Loomis Sayles portfolio trailed the Barclays Capital Aggregate Index by approximately 220 basis points (+1.6% vs. +3.8%). While an

underweight to mortgage-backed securities (MBS) was positive to relative performance, the detractors more than offset the MBS allocation. The two largest detractors were an overweight to below investment grade securities (8.3% vs. 0%) and an underweight to the best performing sector in the index---Treasuries (20.7% vs. 34.0%). The overweight to high yield detracted approximately 90 basis points (bps), while the underweight to Treasuries detracted 80 bps. The underweight to Treasurys was magnified due to a shorter duration within the sector , 4.1 years vs. 5.9 years, as longer-dated Treasurys performed the best with investors’ flight to quality and the Fed’s Operation Twist announcement. At the end of the quarter, Corporates accounted for 50.3% of the portfolio, compared to 25.0% for the index. Within the sector the portfolio was overweight Financials and Industrials, which hurt relative performance as the market’s “risk-off” trade played out in August and September. The portfolio’s overweight exposure to CMBS (8.7% vs. 2.1%) detracted as spreads widened in the quarter. Loomis is focused/overweight the ten year, super-senior maturities. At the end of the quarter, had a similar average quality as the index (A1 vs. AA1/AA2), but had a higher yield to maturity (3.4% vs. 2.3%) and a higher current coupon (4.6% vs.4.1%).

Dana Investment Advisors – Large Cap Growth: Dana’s Large Cap Growth portfolio lagged the Russell 1000 Growth for the third quarter, returning -16.35% vs. -13.14%. Year-to-date they are trailing the benchmark by -167 bps, returning -8.87%. Dana faced a structural headwind, as is evident by Apple and Exxon making up 11% of the Russell 1000 Growth, and their positions in these stocks (due to their size) detracting from relative performance. The rest of underperformance was stock specific, mostly due to market perception rather than fundamentals. Their biggest detractor, however, was MetroPCS which reduced guidance and was down roughly -50%. They’ve continued to hold this name because they feel it is now trading at 50% of what the private market value could be and they feel it is a good acquisition target.

Page 13

Manager Review – Fixed Income 3rd Quarter 2011

Their industrial names and oil field servicing stocks also were hit hard. Some positive contributors were in Consumer Discretionary, with TJX and McDonald’s both having positive returns for the quarter vs. their sector average of -11%. They also had good picks within Health Care (Perrigo and Abbott Labs) and American Express within Financials held up better than most peers. There was not as much trading in the Growth portfolio as there was in the Core strategy. All three trades they did were accretive to performance. AutoLiv was sold when they started to see decreased demand in China and Europe, and was subsequently down -35% after the trade. Juniper was a good example of their risk controls working, and simply not understanding why a name is not working but selling anyway. They followed some of their peers who pre-announced early and some of the analysts they consider to be smart which led them to sell the day before they announced – the stock was down 40% the next day. They also sold Arrow Electronics. They bought Alliance Data, MasterCard, and TJX Companies during the quarter. They feel it will be difficult to determine what is already baked into stocks these next few months, with lots of “cross currents” (some stocks acting on announcements, others not). They feel earnings will probably not be as good as expected, but feel that even with the market taking a modest haircut on earnings, stocks are still very cheap. They did a study that showed non-economic bear markets (bear markets without a recession) typically only last six months (the peak being in April), so we could be close to the bottom.

Sawgrass – Opportunistic Growth Best Ideas: Sawgrass Opportunistic Best Ideas’ stable growth companies continued to outperform during the third quarter on a relative basis, returning -10.76% vs. -13.14% for the Russell 1000 Growth. Year-to-date they are outperforming by +607bps, returning -1.13% vs. -7.20% for the index. The portfolio continued to outperform in the third quarter, benefitting from a lower beta, which is often the case given their preference for large-cap, stable growth companies. After solid performance in the up markets of the first two quarters, Sawgrass acted as we expected during a pullback and protected well on the downside. They benefitted from their selections within Technology, with names like Apple and IBM actually returning positive numbers for the

quarter. Stock selection within Materials and Discretionary also helped, as they have held defensive names like Ross and TJX which held up well during the downturn. Their top five contributors were all positive for the quarter. Stock selection in Industrials and Consumer Staples hurt relative performance. Changes in the portfolio didn’t add or detract from relative performance, but they feel they are positioned well for the future. Within Health Care they sold Express Scripts and bought Medco, to take advantage of an acquisition arbitrage. They also bought Gilead (HIV biotech company), where they have started to see accelerating growth. In Technology, a drag in earnings prompted them to sell Oracle and purchase Apple when it pulled back in August. Within Industrials, they moved money from Danaher to Dover, and established a position in Caterpillar when it took a dip. They also purchased Kroger in the Consumer Staples space, where they are seeing consistent growth that should be less economically sensitive. They feel we’re currently at an inflection point, and everyone is waiting to see if we’re heading into another recession or not. They feel the market will continue to rotate towards stable growers in this slow growth environment. Although the volatility continues to erode confidence, from a fundamental perspective companies look strong. They have plenty of cash and have trimmed the fat over the last few years (with the exception of Financials). They feel the downside is very limited from here (maybe another 10% drop), excluding something unheard of happening in Europe.

Lord Abbett – Large Cap Value: For the third quarter 2011, the strategy underperformed the Russell 3000 Value -19.35% vs. -16.65%. This quarter was tough for any manager that was constructive on the markets from a bottom-up perspective. Those managers that had a cautious or more defensive outlook were the ones that fared better. As the market began to break down this manager began to feel more comfortable with the data they were seeing. Their outlook is positive and the manager believes the world is not going into a recession; however, we will be in a period of slower growth. The valuation compression seen at the end of the 3Q-2011 has created some opportunities for the portfolio to upgrade some names.

The strategy’s nearly 1000 bps underweight to utilities and telecom was the main detractor from performance on a sector level. The

Page 14


strategy’s 700 bps overweight to energy also hurt the portfolio. The most accretive sector was financials which the strategy had over a 1000 bps underweight. Stock selection was the main cause of the strategy’s underperformance. Stock selection in consumer discretionary and healthcare were the biggest detractors. After the Supper committee announcement of a trillion dollars in spending cuts in healthcare and defense industries, healthcare names quickly sold off as expectations for healthcare reimbursements cuts scared markets. In the consumer sectors, the strategy’s economic sensitivity detracted heavily from performance. The strategy’s nearly 300 bps underperformance for the quarter is understandable. The manager was positive on the markets from a bottom-up stand point and adjusted the portfolio accordingly. The manager continues to position the portfolio with this pro-cyclical tilt and as such if there is a correction from the mass selloff experienced in the third quarter, we should expect this manager to outperform its benchmark.

Moody Aldrich – Focused Value: For the quarter, the Focused Value strategy underperformed the Russell 3000 Value Index by nearly -800 bps (-24.16% vs. -16.65%). This quarter was the second large quarterly underperformance for the manager in a row. Reviewing the second quarter, the manager was constructive on the markets and had a pro-cyclical tilt to the portfolio. If there was another quarter of continued lack of confidence in the overall business environment, the strategy was going to underperform. There were several factors that contributed to the underperformance. This manager is measured relative to the Russell 3000 Value index (as it should be because the manager can look anywhere on a cap spectrum to find opportunities). Unlike many large cap managers that will have a large cap bias and dip down into the some small and mid cap names, Moody focused value has a small to mid cap bias and will invest in large cap names when they deem compelling. For the third quarter, small and mid cap names detracted more than -700 bps from the relative performance to the index. Historically this smaller cap bias has been accretive to performance, but in the third quarter it was not as large cap bias portfolio held up significantly better relative to the index.

On a sector basis, the strategy was hurt by a zero allocation to consumer staples which was the second best performing sector in the index. In consumer discretionary, the portfolio was underweight which helped performance but it held pro cyclical names which ultimately made the sector a poor performer for the strategy. Further detracting from performance was the material sector which the strategy held a 700 bps overweight and had poor stock selection. Poor stock selection in financials also was a big hit to the portfolio. This portfolio held a lot of names that were “thrown out with the bath water” in the quarter. As of the end of the quarter, the portfolio has 24 out of 31 names trading less than two times book value. It has 18 companies with a dividend and 15 of the 18 with a dividend higher than the 10-year treasury. This is a lot different than 2008 when the market lacked earnings so the strategy bought assets. Today, they have both earnings and assets and companies that can borrow at low cost of capital. The third quarter was rough, but the manager is very positive on the names in the portfolio. If there is a snap back from the market correction, expect this portfolio to outperform handily.

Manning & Napier Overseas: For the third quarter of 2011, the Manning & Napier Overseas fund underperformed the MSCI ACWI ex USA by 3.8% (-23.7% vs. -19.9%). Stock selection in Energy and Healthcare in particular, was weak for Q3 and year to date. On a macro level within these two sectors, you had to own pharmaceutical companies and integrated oil companies to do well. M&N does not own these companies. In Energy, they own the oil services companies and within Healthcare, their focus is on diagnostics and biologics companies. Pharma does not fit their strategy due to the significant headwinds. On a micro level, both seismic companies they own, Geophysique and Petroleum Geo Services, were down 45% and 22%, respectively during Q3. These two companies alone cost the fund 1%. Additionally, the fund’s pure play in fracking, Trican Well Service, cost the fund 0.46% for the quarter. One of their healthcare holdings, Cochlear (leader in hearing implants), announced a product recall in September and the stock sold off by 40% (cost the fund 0.39%). M&N is in the process of selling the stock because they can’t get a sense of ultimate effects of the recall to the company’s market share. The fund’s large underweight to Japan (8% vs 14%) hurt during the

Page 15


quarter as Japan was down much less than the rest of the world (-5.5%). Overall, the fund positioning continues to be “barbelled” with investments in both high growth (high beta) names and more defensive names in Staples. M&N has not deviated from their investment philosophy and has been adding to many of its high conviction names given the extreme dislocation. We expect them to underperform in markets driven by fear.

Baring – Focused International Plus: Baring’s Focused

International Plus portfolio was down 15.2% during the third quarter, but outperformed the MSCI EAFE Index significantly (MSCI EAFE = -19.0%). The portfolio has also beaten the index on a year-to-date basis, -10.9% versus -14.6%. Avoiding commercial banks in Europe helped Baring outperform the index. The investment team thinks there is not only significant balance sheet risk within the banks, but in addition see profit margins shrinking due to future leverage constraints. Good stock selection in Japan and in the Materials sector within the UK also contributed to outperformance during the quarter. When factoring in Baring’s overweight to Emerging Market Equities (9.5% vs 0%), the strategy is close to equal-weighted in Japan. Japan stocks, in general, were down significantly less than other countries. An overweight to Healthcare, in particular large Pharma, helped relative performance. The team has made a few changes to the portfolio post-decline. Gazprom is under consideration for sale due to derating of the stock during the quarter. Decreased exposure to China-related names (primarily HK gaming stocks) due to an increased risk of liquidity tightening. Added to metals/mining stocks given strong conviction in the names. Overall, Baring remains cautious due to the continued deleveraging story across the developed world as well as modest expected global growth. They expect their companies to continue building cash levels. The International team added an experienced Portfolio Manager from Aberdeen that is expected to start very soon. More details to follow.

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Total Fund Compliance: Yes No N/A

Equity Compliance: Yes No N/A

Fixed Income Compliance: Yes No N/A

Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/AManager Compliance:

Lakeland Employees' Retirement System

Compliance Checklist as of September 30, 2011

The Total Plan return equaled or exceeded the 7.25% actuarial earnings assumption over the trailing three and five year periods.1. ✔

The Total Plan return equaled or exceeded the total plan benchmark over the trailing three and five year periods.2. ✔

The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three and five year periods.3. ✔

The Total Plan standard deviation was equal to or less than 120% of the total plan benchmark over the trailing three and five year periods. ✔4.

Total equity returns meet or exceed the benchmark over the trailing three and five year periods.1. ✔

Total equity returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods.2. ✔

The total equity allocation was less than 70% of the total plan assets at market. ✔3.Total International allocation less than 25% at Market. ✔4.

Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods.1. ✔

Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods.2. ✔

No more than 15% of the fixed portfolio was rated less than "BBB". ✔3.

Manager outperformed the index over the trailing three and five year periods. ✔

Manager ranked within the top 40th percentile over trailing three and five year periods. ✔

Less than four consecutive quarters of under performance relative to the benchmark. ✔

Three-year down-market capture ratio less than the index. ✔

Standard deviation <= 150% of the index over the trailing three and five year periods. ✔

Manager claims compliance with PFIA. ✔

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Lord Abbett Moody

1.2.3.4.5.6.

Dana Sawgrass Baring

Page 17

Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/AManager Compliance:


Compliance Checklist as of September 30, 2011

Manager outperformed the index over the trailing three and five year periods. ✔

Manager ranked within the top 40th percentile over trailing three and five year periods. ✔

Less than four consecutive quarters of under performance relative to the benchmark. ✔

Three-year down-market capture ratio less than the index. ✔

Standard deviation <= 150% of the index over the trailing three and five year periods. ✔

Manager claims compliance with PFIA. ✔

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Manning Loomis

1.2.3.4.5.6.

Pyramis JP Morgan Cornerstone

Page 18

Asset Allocation By Style - Current QuarterAsset Allocation By Style as of Jun - 2011

September 30, 2011 : $418,547,253

SegmentsMarket Value

($)Allocation

(%)

¢ Domestic Equity 167,289,010 40.0

¢ International Equity 56,657,697 13.5

¢ Fixed Income 115,770,368 27.7

¢ Global Fixed Income 22,020,875 5.3

¢ Real Estate 26,610,229 6.4

¢ Managed Futures 19,167,219 4.6

¢ Cash Equivalent 11,031,856 2.6

June 30, 2011 : $473,160,539

SegmentsMarket Value

($)Allocation

(%)

¢ Domestic Equity 223,816,548 47.3

¢ International Equity 70,323,502 14.9

¢ Fixed Income 128,261,357 27.1

¢ Real Estate 24,330,112 5.1

¢ Managed Futures 18,945,091 4.0

¢ Cash Equivalent 7,483,928 1.6

Lakeland Employees' Retirement SystemSeptember 30, 2011

Page 19

Allocation Differences

0.0% 2.0% 4.0% 6.0% 8.0% 10.0%-2.0 %-4.0 %-6.0 %-8.0 %-10.0 %

Mutual Fund Cash

Receipt & Disbursement

Princeton Futures

Total Real Estate (Composite)

Global Fixed Income

Domestic Fixed Income

International

Broad Cap Growth

Domestic All Cap Value (Moody)

Domestic All Cap Value (Lord Abbett)

0.0%

0.0%

-0.4 %

1.4%

0.3%

3.5%

-1.5 %

-0.5 %

-1.8 %

-0.9 %

Market Value($)

Allocation(%)

Target(%)

Domestic All Cap Value (Lord Abbett) 47,358,819 11.32 12.25

Domestic All Cap Value (Moody) 35,286,289 8.43 10.25

Broad Cap Growth 92,283,374 22.05 22.50

International 56,657,697 13.54 15.00

Domestic Fixed Income 119,108,740 28.46 25.00

Global Fixed Income 22,074,194 5.27 5.00

Total Real Estate (Composite) 26,610,229 6.36 5.00

Princeton Futures 19,167,219 4.58 5.00

Receipt & Disbursement - - 0.00

Mutual Fund Cash 693 0.00 0.00

Total Fund 418,547,253 100.00 100.00


Asset Allocation vs. Target Allocation

As of September 30, 2011

None

Page 20

Asset Allocation By Manager as of Jun - 2011 Asset Allocation By Manager - Current Quarter

September 30, 2011 : $418,547,253

Market Value($)

Allocation(%)

¢ Loomis Sayles Fixed Income 73,265,743 17.5

¢ Sawgrass Large Cap Growth 47,715,677 11.4

¢ Lord Abbett Multi Cap Value 47,358,819 11.3

¢ Pyramis Intermediate Fixed 45,842,997 11.0

¢ Dana Large Cap Growth 44,567,697 10.6

¢ Moody All Cap Value 35,286,289 8.4

¢ Baring International 29,905,771 7.1

¢ Manning & Napier Overseas (EXOSX) 26,751,926 6.4

¢ JP Morgan Real Estate 22,607,482 5.4

¢ Princeton Futures 19,167,219 4.6

¢ PIMCO Diversified (PDIIX) 11,216,205 2.7

¢ Templeton Global Total Return (TTRZX) 10,857,989 2.6

¢ Cornerstone Fund VIII 4,002,747 1.0

¢ Mutual Fund Cash 693 0.0

June 30, 2011 : $473,160,539

Market Value($)

Allocation(%)

¢ Loomis Sayles Fixed Income 81,719,846 17.3

¢ Sawgrass Large Cap Growth 59,773,789 12.6

¢ Lord Abbett Multi Cap Value 63,175,330 13.4

¢ Pyramis Intermediate Fixed 48,807,751 10.3

¢ Dana Large Cap Growth 58,626,679 12.4

¢ Moody All Cap Value 47,457,746 10.0

¢ Baring International 35,260,170 7.5

¢ Manning & Napier Overseas (EXOSX) 35,063,332 7.4

¢ JP Morgan Real Estate 21,945,383 4.6

¢ Princeton Futures 18,945,091 4.0

¢ PIMCO Diversified (PDIIX) - 0.0

¢ Templeton Global Total Return (TTRZX) - 0.0

¢ Cornerstone Fund VIII 2,384,729 0.5

¢ Mutual Fund Cash 691 0.0

Lakeland Employees' Retirement SystemSeptember 30, 2011

Page 21

Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010

($) % ($) % ($) % ($) % ($) %

Total Fund 418,547,253 100.00 473,160,539 100.00 471,250,138 100.00 451,775,564 100.00 425,327,633 100.00

Total Equity 231,586,179 55.33 299,357,047 63.27 300,137,298 63.69 302,484,817 66.95 275,209,531 64.71

Total Domestic Equity 174,928,482 41.79 229,033,545 48.41 231,145,191 49.05 236,202,617 52.28 212,622,959 49.99

Lord Abbett Multi Cap Value 47,358,819 11.32 63,175,330 13.35 64,406,252 13.67 - 0.00 - 0.00

Lord Abbett Large Cap Value - 0.00 - 0.00 - 0.00 66,106,380 14.63 58,429,814 13.74

Dana Large Cap Growth 44,567,697 10.65 58,626,679 12.39 58,762,599 12.47 59,135,217 13.09 53,345,756 12.54

Moody All Cap Value 35,286,289 8.43 47,457,746 10.03 50,357,245 10.69 51,578,253 11.42 45,402,712 10.67

Sawgrass Large Cap Growth 47,715,677 11.40 59,773,789 12.63 57,619,096 12.23 59,382,767 13.14 55,444,677 13.04

Total International Equity 56,657,697 13.54 70,323,502 14.86 68,992,107 14.64 66,282,200 14.67 62,586,572 14.71

Manning & Napier Overseas (EXOSX) 26,751,926 6.39 35,063,332 7.41 34,417,914 7.30 32,652,893 7.23 30,575,929 7.19

Baring International 29,905,771 7.15 35,260,170 7.45 34,574,193 7.34 33,629,307 7.44 32,010,643 7.53

Total Fixed Income 141,182,934 33.73 130,527,597 27.59 130,419,546 27.68 139,041,111 30.78 150,117,411 35.29

Total Domestic Fixed Income 119,108,740 28.46 - 0.00 - 0.00 - 0.00 - 0.00

Loomis Sayles Fixed Income 73,265,743 17.50 81,719,846 17.27 80,170,669 17.01 89,008,824 19.70 89,382,828 21.02

Pyramis Intermediate Fixed 45,842,997 10.95 48,807,751 10.32 50,248,877 10.66 50,032,287 11.07 60,734,583 14.28

Total Global Fixed Income 22,074,194 5.27 - 0.00 - 0.00 - 0.00 - 0.00

PIMCO Diversified (PDIIX) 11,216,205 2.68 - 0.00 - 0.00 - 0.00 - 0.00

Templeton Global Total Return (TTRZX) 10,857,989 2.59 - 0.00 - 0.00 - 0.00 - 0.00

Total Real Estate 26,610,229 6.36 24,330,112 5.14 20,844,431 4.42 10,248,945 2.27 - 0.00

JP Morgan Real Estate 22,607,482 5.40 21,945,383 4.64 20,844,431 4.42 10,248,945 2.27 - 0.00

Cornerstone Fund VIII 4,002,747 0.96 2,384,729 0.50 - 0.00 - 0.00 - 0.00

Princeton Futures 19,167,219 4.58 18,945,091 4.00 19,848,171 4.21 - 0.00 - 0.00

Cash Accounts

Mutual Fund Cash 693 0.00 691 0.00 691 0.00 691 0.00 691 0.00

Receipt & Disbursement - 0.00 - 0.00 - 0.00 - 0.00 - 0.00


Asset Allocation History By Portfolio


None

Page 22

Market ValueAs of

07/01/2011

NetTransfers

Contributions Distributions Fees ExpensesReturn OnInvestment

Market ValueAs of

09/30/2011

Total Fund 473,160,539 - 6,395,491 -9,997,412 -460,199 -47,101 -50,504,065 418,547,253

Total Equity 299,357,047 -14,763,008 - - -332,558 - -52,675,302 231,586,179

Total Domestic Equity 229,033,545 -14,834,781 - - -260,786 - -39,009,497 174,928,482

Lord Abbett Multi Cap Value 63,175,330 -3,951,140 - - -48,860 - -11,816,512 47,358,819

Moody All Cap Value 47,457,746 69,211 - - -69,211 - -12,171,458 35,286,289

Dana Large Cap Growth 58,626,679 -4,932,001 - - -67,999 - -9,058,982 44,567,697

Sawgrass Large Cap Growth 59,773,789 -6,020,850 - - -74,717 - -5,962,545 47,715,677

Transition Account - - - - - - - -

Total International Equity 70,323,502 71,773 - - -71,773 - -13,665,805 56,657,697

Manning & Napier Overseas (EXOSX) 35,063,332 - - - - - -8,311,406 26,751,926

Baring International 35,260,170 71,773 - - -71,773 - -5,354,399 29,905,771

Total Fixed Income 130,527,597 9,622,126 - - -75,420 - 1,108,630 141,182,934

Total Domestic Fixed Income - -12,781,580 - - -75,420 - 131,965,740 119,108,740

Loomis Sayles Fixed Income 81,719,846 -9,745,221 - - -51,073 - 1,342,191 73,265,743

Pyramis Intermediate Fixed 48,807,751 -4,032,653 - - -24,347 - 1,092,246 45,842,997

Total Global Fixed Income - 23,400,000 - - - - -1,325,806 22,074,194

PIMCO Diversified (PDIIX) - 11,700,000 - - - - -483,795 11,216,205

Templeton Global Total Return (TTRZX) - 11,700,000 - - - - -842,011 10,857,989

Total Real Estate 24,330,112 1,491,860 - - -52,221 - 840,478 26,610,229

JP Morgan Real Estate 21,945,383 - - - -43,222 - 705,321 22,607,482

Cornerstone Fund VIII 2,384,729 1,491,860 - - -8,999 - 135,157 4,002,747

Princeton Futures 18,945,091 - - - - - 222,127 19,167,219

Cash Accounts

Mutual Fund Cash 691 - - - - - 1 693

Receipt & Disbursement - 3,649,022 6,395,491 -9,997,412 - -47,101 - -


Financial Reconciliation Quarter to Date

1 Quarter Ending September 30, 2011

None

Page 23

Market ValueAs of

10/01/2010

NetTransfers

Contributions Distributions Fees ExpensesReturn OnInvestment

Market ValueAs of

09/30/2011

Total Fund 425,327,633 - 27,683,431 -31,622,207 -1,890,340 -296,844 -654,420 418,547,253

Total Equity 275,209,531 -35,758,609 31,220 - -1,336,875 - -6,559,089 231,586,179

Total Domestic Equity 212,622,959 -36,064,796 31,220 - -1,030,688 - -630,214 174,928,482

Lord Abbett Multi Cap Value - 60,005,129 - - -98,876 - -12,547,434 47,358,819

Lord Abbett Large Cap Value 58,429,814 -69,220,642 - - -96,741 - 10,887,569 -

Moody All Cap Value 45,402,712 -5,126,831 - - -283,153 - -4,706,440 35,286,289

Dana Large Cap Growth 53,345,756 -10,137,222 31,220 - -261,642 - 1,589,585 44,567,697

Sawgrass Large Cap Growth 55,444,677 -11,248,077 - - -290,275 - 3,809,352 47,715,677

Transition Account - -337,153 - - - - 337,153 -

Total International Equity 62,586,572 306,187 - - -306,187 - -5,928,875 56,657,697

Manning & Napier Overseas (EXOSX) 30,575,929 - - - - - -3,824,003 26,751,926

Baring International 32,010,643 306,187 - - -306,187 - -2,104,872 29,905,771

Total Fixed Income 150,117,411 -12,521,917 36 - -453,249 - 4,040,652 141,182,934

Total Domestic Fixed - -12,781,580 - - -75,420 - 131,965,740 119,108,740

Loomis Sayles Fixed Income 89,382,828 -19,450,186 36 - -346,108 - 3,679,173 73,265,743

Pyramis Intermediate Fixed 60,734,583 -16,471,731 - - -107,141 - 1,687,286 45,842,997

Total Global Fixed Income - 23,400,000 - - - - -1,325,806 22,074,194

PIMCO Diversified (PDIIX) - 11,700,000 - - - - -483,795 11,216,205

Templeton Global Total Return (TTRZX) - 11,700,000 - - - - -842,011 10,857,989

Total Real Estate - 24,013,649 - - -100,216 - 2,696,796 26,610,229

JP Morgan Real Estate - 20,000,000 - - -51,535 - 2,659,017 22,607,482

Cornerstone Fund VIII - 4,013,649 - - -48,681 - 37,779 4,002,747

Princeton Futures - 20,000,000 - - - - -832,781 19,167,219

Cash Accounts

Mutual Fund Cash 691 - - - - - 1 693

Receipt & Disbursement - 4,266,877 27,652,174 -31,622,207 - -296,844 - -


Financial Reconciliation Fiscal Year to Date

October 1, 2010 To September 30, 2011

None

Page 24

Allocation

MarketValue

($)%

Performance(%)

1Month

QuarterTo

Date

YearTo

Date

1Year

2Years

3Years

5Years

SinceInception

InceptionDate

Total Fund 447,934,932 100.00 7.05 7.05 0.20 3.54 8.89 10.69 1.35 2.81 01/01/2001

Total Fund Policy 6.76 6.76 2.50 6.19 10.28 11.54 3.10 3.04

Total Fund w/changes (Net) 447,934,932 100.00 7.05 7.05 0.20 3.54 8.89 N/A N/A 12.35 07/01/2009

Total Fund Policy 6.76 6.76 2.50 6.19 10.28 11.54 3.10 13.67

Domestic Equity Managers

Lord Abbett Multi Cap Value 54,047,904 12.07 14.12 14.12 N/A N/A N/A N/A N/A -8.70 04/01/2011

Russell 3000 Value Index 11.68 11.68 -1.55 5.94 11.05 8.84 -2.01 -7.54

Lord Abbett (Composite) 54,047,904 12.07 14.12 14.12 -4.54 4.10 9.48 8.09 -1.18 7.64 01/01/1996

Lord Abbett Policy 11.68 11.68 -1.57 5.64 10.56 8.27 -2.25 6.08

Moody All Cap Value 40,530,956 9.05 14.86 14.86 -12.42 -4.48 10.21 N/A N/A 14.82 07/01/2009

Russell 3000 Value Index 11.68 11.68 -1.55 5.94 11.05 8.84 -2.01 15.98

Dana Large Cap Growth 50,246,508 11.22 12.74 12.74 3.63 10.06 14.29 N/A N/A 16.72 07/01/2009

Russell 1000 Growth Index 10.97 10.97 2.98 9.92 14.68 15.62 3.04 18.25

Sawgrass Large Cap Growth 51,886,202 11.58 8.74 8.74 7.30 10.14 14.63 N/A N/A 18.11 07/01/2009

Russell 1000 Growth Index 10.97 10.97 2.98 9.92 14.68 15.62 3.04 18.25

Total Domestic Equity 196,711,570 43.92 12.45 12.45 -1.04 5.55 12.30 10.56 -1.07 1.32 01/01/2001

Russell 3000 Index 11.51 11.51 0.47 7.90 13.00 12.28 0.55 2.04

International Equity Managers

Baring International 32,816,956 7.33 9.73 9.73 -2.42 -0.26 N/A N/A N/A 12.08 06/01/2010

MSCI EAFE Index 9.65 9.65 -6.38 -3.64 2.40 10.42 -1.95 10.52

Manning & Napier (EXOSX) 29,807,784 6.65 11.42 11.42 -8.71 -5.61 3.13 N/A N/A 4.25 09/01/2009

MSCI EAFE Index 9.65 9.65 -6.38 -3.64 2.40 10.42 -1.95 3.41

Total International Equity 62,624,740 13.98 10.53 10.53 -5.52 -2.88 4.93 11.02 -0.36 2.87 09/01/2000

MSCI AC World ex USA 10.54 10.54 -7.67 -4.25 4.06 13.43 0.08 3.64

Total Equity 259,336,310 57.90 11.98 11.98 -2.15 3.51 10.45 10.25 -1.13 1.54 01/01/2001

Total Equity Policy 11.36 11.36 -0.40 6.49 11.92 12.49 0.56 2.70


Monthly Flash Report

As of October 31, 2011

None

Policy Index: 45% Russell 3000, 15% MSCI ACWI ex US, 25% Barclays Agg, 5% Barclays TIPs, 5% NCREIF ODCE, 5% Barclays BTOP 50 (Effective 2/1/11)Fixed Policy: 100% Barclays Aggregate Equity Policy: 80% Russell 3000, 20% MSCI ACWI ex US

Page 25




NoneAllocation

MarketValue

($)%

Performance(%)

1Month

QuarterTo

Date

YearTo

Date

1Year

2Years

3Years

5Years

SinceInception

InceptionDate

Domestic Fixed Income Managers

Loomis Sayles Fixed Income 74,326,918 16.59 1.42 1.42 6.53 5.22 8.43 14.36 5.39 4.91 01/01/2004

Barclays Capital Aggregate 0.11 0.11 6.76 5.00 6.50 8.87 6.41 5.42

Pyramis Intermediate Fixed 46,011,074 10.27 0.37 0.37 5.34 3.64 6.27 9.45 5.92 4.94 03/01/2004

Barclays Capital Intermediate U.S. Gov/Credit 0.30 0.30 5.24 3.22 5.49 7.63 5.87 4.66

Total Domestic Fixed Income 120,337,991 26.87 1.02 1.02 6.08 4.61 7.60 12.03 5.88 5.27 01/01/2001

Total Domestic Fixed Income Policy 0.11 0.11 6.76 5.00 6.50 8.69 6.40 5.91

Global Fixed Income Managers

PIMCO Diversified (PDIIX) 11,639,252 2.60 3.77 3.77 N/A N/A N/A N/A N/A -0.52 08/01/2011

Barclays Capital Global Credit (Hedged) 2.04 2.04 4.91 3.30 6.94 12.22 5.64 0.53

Templeton Global Total Return (TTRZX) 11,403,757 2.55 5.03 5.03 N/A N/A N/A N/A N/A -3.01 08/01/2011

Barclays Capital Global Aggregate 1.33 1.33 6.80 4.08 5.47 9.62 6.93 0.25

Total Global Fixed Income 23,043,009 5.14 4.39 4.39 N/A N/A N/A N/A N/A -1.59 08/01/2011

Barclays Capital Global Aggregate 1.33 1.33 6.80 4.08 5.47 9.62 6.93 0.25

Total Fixed Income 143,381,000 32.01 1.54 1.54 5.69 4.22 7.40 11.89 5.80 5.23 01/01/2001

Total Fixed Income Policy 0.11 0.11 6.76 5.00 6.50 8.69 6.40 5.91

Real Estate

JP Morgan Real Estate 22,769,568 5.08 0.96 0.96 13.60 N/A N/A N/A N/A 16.43 12/01/2010

NCREIF ODCE 0.00 0.00 12.72 18.34 12.51 -6.38 0.02 18.34

Cornerstone Fund VIII 4,002,747 0.89 0.43 0.43 N/A N/A N/A N/A N/A -1.02 05/01/2011

NCREIF ODCE 0.00 0.00 12.72 18.34 12.51 -6.38 0.02 8.37

Total Real Estate 26,772,315 5.98 0.88 0.88 12.79 N/A N/A N/A N/A 15.79 12/01/2010

NCREIF ODCE 0.00 0.00 12.72 18.34 12.51 -6.38 0.02 18.34

Alternatives

Princeton Futures 18,444,614 4.12 -3.77 -3.77 N/A N/A N/A N/A N/A -7.78 02/01/2011

Barclay BTOP 50 -2.42 -2.42 -4.24 -2.84 0.69 0.31 4.33 -3.12

Cash Accounts

Mutual Fund Cash 693 0.00

Equity in Pooled Cash -2,317,637 -0.52

Policy Index: 45% Russell 3000, 15% MSCI ACWI ex US, 25% Barclays Agg, 5% Barclays TIPs, 5% NCREIF ODCE, 5% Barclays BTOP 50 (Effective 2/1/11)Fixed Policy: 100% Barclays Aggregate Equity Policy: 80% Russell 3000, 20% MSCI ACWI ex US

Page 26

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Typewritten Text

johnr

Typewritten Text

**

johnr

Typewritten Text

johnr

Typewritten Text

johnr

Typewritten Text

johnr

Typewritten Text

** The market value and performance data for the Princeton Futures position is based on estimates provided by the manager.

johnr

Typewritten Text

johnr

Typewritten Text

*

johnr

Typewritten Text

johnr

Typewritten Text

* The October return for the Cornerstone Fund VIII is due to a distribution of $17,228.32 deposited into the Loomis Sayles account on October 5th.

Allocation Differences

0.0% 2.0% 4.0% 6.0% 8.0% 10.0%-2.0 %-4.0 %-6.0 %-8.0 %-10.0 %

Receipt & Disbursement

Mutual Fund Cash

Princeton Futures

Cornerstone Fund VIII

JP Morgan Real Estate

PIMCO Diversified (PDIIX)

Templeton Global Total Return (TTRZX)

Pyramis Intermediate Fixed

Loomis Sayles Fixed Income

Manning & Napier Overseas (EXOSX)

Baring International

Sawgrass Large Cap Growth

Dana Large Cap Growth

Moody All Cap Value

Lord Abbett Multi Cap Value

0.0%

0.0%

-0.9 %

0.9%

0.1%

0.1%

0.0%

0.3%

1.6%

-0.8 %

-0.2 %

0.3%

0.0%

-1.2 %

-0.2 %

Market Value($)

Allocation(%)

Target(%)

Lord Abbett Multi Cap Value 54,047,904 12.07 12.25

Moody All Cap Value 40,530,956 9.05 10.25

Dana Large Cap Growth 50,246,508 11.22 11.25

Sawgrass Large Cap Growth 51,886,202 11.58 11.25

Baring International 32,816,956 7.33 7.50

Manning & Napier Overseas (EXOSX) 29,807,784 6.65 7.50

Loomis Sayles Fixed Income 74,326,918 16.59 15.00

Pyramis Intermediate Fixed 46,011,074 10.27 10.00

Templeton Global Total Return (TTRZX) 11,403,757 2.55 2.50

PIMCO Diversified (PDIIX) 11,639,252 2.60 2.50

JP Morgan Real Estate 22,769,568 5.08 5.00

Cornerstone Fund VIII 4,002,747 0.89 0.00

Princeton Futures 18,444,614 4.12 5.00

Mutual Fund Cash 693 0.00 0.00

Receipt & Disbursement - - 0.00

Total Fund 447,934,932 100.00 100.00




None

Page 27

Page Intentionally Left Blank

Page 28

1Quarter

Oct-2010To

Sep-2011

1Year

3Years

5Years

10Years

SinceInception

InceptionDate

Total Fund (Net) -10.80 -0.67 -0.67 3.38 0.46 3.72 2.45 09/01/2000

Total Fund Policy -8.40 2.07 2.07 4.40 2.25 4.54 N/A

Difference -2.40 -2.74 -2.74 -1.02 -1.79 -0.82 N/A

Total Fund (Gross) -10.71 (63) -0.27 (63) -0.27 (63) 3.87 (49) 0.89 (88) 3.98 (84) 2.68 (88) 09/01/2000

Total Fund Policy -8.40 (19) 2.07 (19) 2.07 (19) 4.40 (34) 2.25 (38) 4.54 (59) N/A

Difference -2.31 -2.34 -2.34 -0.53 -1.36 -0.56 N/A

All Public Plans-Total Fund Median -10.14 0.34 0.34 3.85 1.99 4.71 3.57

Total Fund w/changes (Net) -10.80 -0.67 -0.67 N/A N/A N/A 9.47 07/01/2009

Total Fund Policy -8.40 2.07 2.07 4.40 2.25 4.54 10.90

Difference -2.40 -2.74 -2.74 N/A N/A N/A -1.43

Total Equity -17.99 -3.97 -3.97 -0.51 -2.74 2.86 0.76 09/01/2000

Total Equity Policy -15.69 -0.69 -0.69 1.58 -0.85 4.38 N/A

Difference -2.30 -3.28 -3.28 -2.09 -1.89 -1.52 N/A

Total Fixed Income 0.98 3.29 3.29 9.48 5.65 4.80 5.30 12/01/2000

Total Fixed Income Policy 3.82 5.26 5.26 7.97 6.50 5.53 N/A

Difference -2.84 -1.97 -1.97 1.51 -0.85 -0.73 N/A

Total Real Estate 3.29 N/A N/A N/A N/A N/A 14.79 12/01/2010

NCREIF ODCE 3.52 18.27 18.27 -6.40 0.00 5.91 N/A

Difference -0.23 N/A N/A N/A N/A N/A N/A

Total Managed Futures 1.17 N/A N/A N/A N/A N/A -4.16 02/01/2011

Barclay BTOP 50 1.69 1.61 1.61 2.76 5.10 5.55 -0.71

Difference -0.52 N/A N/A N/A N/A N/A -3.45


Comparative Performance Trailing Returns


None

Returns for periods greater than one year are annualized. Returns are expressed as percentages.Current Total Fund Policy: 45% Russell 3000, 15% MSCI ACWI ex US, 25% Barclays Aggregate, & 5% Barclays Tips, 5% NCREIF ODCE, 5% Barclays BTOP 50.Current Total Equity Policy: 80% Russell 3000, & 20% MSCI AC World. Current Total Fixed Policy: 100% Barclays Aggregate.

Page 29




None

1Quarter

Oct-2010To

Sep-2011

1Year

3Years

5Years

10Years

SinceInception

InceptionDate

Total Domestic Equity -17.50 -2.25 -2.25 -0.35 -2.80 2.51 0.65 09/01/2000

Lord Abbett Multi Cap Value -19.07 (80) N/A N/A N/A N/A N/A -20.00 (75) 04/01/2011

Russell 3000 Value Index -16.63 (47) -2.22 (62) -2.22 (62) -1.62 (94) -3.50 (94) 3.58 (92) -17.20 (51)


IM U.S. All Cap Value Equity (SA+CF) -16.98 -1.44 -1.44 1.58 -0.20 6.14 -17.18

Lord Abbett (Composite) -19.64 -5.36 -5.36 -1.79 -3.35 4.10 6.78 01/01/1996

Lord Abbett Policy -16.63 -2.57 -2.57 -1.97 -3.75 2.96 5.37

Difference -3.01 -2.79 -2.79 0.18 0.40 1.14 1.41

Moody All Cap Value -25.65 (100) -13.38 (100) -13.38 (100) N/A N/A N/A 8.51 (89) 07/01/2009

Russell 3000 Value Index -16.63 (47) -2.22 (62) -2.22 (62) -1.62 (94) -3.50 (94) 3.58 (92) 11.04 (57)


IM U.S. All Cap Value Equity (SA+CF) -16.98 -1.44 -1.44 1.58 -0.20 6.14 11.41

Dana Large Cap Growth -15.58 (64) 1.84 (43) 1.84 (43) N/A N/A N/A 11.30 (57) 07/01/2009

Russell 1000 Growth Index -13.14 (26) 3.78 (25) 3.78 (25) 4.69 (26) 1.62 (39) 3.01 (71) 13.61 (28)


IM U.S. Large Cap Growth Equity (SA+CF) -14.62 1.03 1.03 2.96 0.95 3.79 11.68

Sawgrass Large Cap Growth -10.86 (10) 5.68 (13) 5.68 (13) N/A N/A N/A 14.49 (20) 07/01/2009

Russell 1000 Growth Index -13.14 (26) 3.78 (25) 3.78 (25) 4.69 (26) 1.62 (39) 3.01 (71) 13.61 (28)

Difference 2.28 1.90 1.90 N/A N/A N/A 0.88

IM U.S. Large Cap Growth Equity (SA+CF) -14.62 1.03 1.03 2.96 0.95 3.79 11.68


Page 30




None

1Quarter

Oct-2010To

Sep-2011

1Year

3Years

5Years

10Years

SinceInception

InceptionDate

Total International Equity -19.43 -9.47 -9.47 0.48 -1.56 6.12 1.96 09/01/2000

Baring International -15.19 (7) -6.58 (24) -6.58 (24) N/A N/A N/A 5.29 (36) 06/01/2010

MSCI EAFE Index -18.95 (31) -8.94 (49) -8.94 (49) -0.66 (61) -3.00 (72) 5.48 (71) 3.79 (58)

Difference 3.76 2.36 2.36 N/A N/A N/A 1.50

IM International Large Cap Growth Equity (SA+CF) -20.11 -9.00 -9.00 1.10 -1.10 6.52 4.38

Manning & Napier Overseas (EXOSX) -23.70 (88) -12.51 (67) -12.51 (67) N/A N/A N/A -0.86 (58) 09/01/2009

MSCI EAFE Index -18.95 (33) -8.94 (27) -8.94 (27) -0.66 (48) -3.00 (53) 5.48 (52) -0.93 (59)

Difference -4.75 -3.57 -3.57 N/A N/A N/A 0.07

IM International Multi-Cap Core Equity (MF) -20.53 -11.04 -11.04 -1.00 -2.93 5.55 -0.25

Total Domestic Fixed 1.88 4.22 4.22 9.81 5.84 4.89 5.48 09/01/2000

Loomis Sayles Fixed Income 1.59 (85) 4.59 (74) 4.59 (74) 11.33 (10) 5.32 (93) N/A 4.78 (95) 01/01/2004

Barclays Capital Aggregate 3.82 (21) 5.26 (45) 5.26 (45) 7.97 (90) 6.53 (71) 5.67 (85) 5.47 (78)

Difference -2.23 -0.67 -0.67 3.36 -1.21 N/A -0.69

IM U.S. Broad Market (SA+CF) 2.97 5.18 5.18 9.38 6.90 6.07 5.84

Pyramis Intermediate Fixed 2.25 (35) 3.65 (48) 3.65 (48) 8.02 (44) 5.96 (76) N/A 4.94 (68) 03/01/2004

Barclays Capital Intermediate U.S. Gov/Credit 2.39 (29) 3.40 (59) 3.40 (59) 7.02 (82) 5.92 (78) 5.12 (84) 4.67 (90)

Difference -0.14 0.25 0.25 1.00 0.04 N/A 0.27

IM U.S. Intermediate Duration (SA+CF) 2.01 3.59 3.59 7.84 6.40 5.50 5.17

Total Global Fixed Income N/A N/A N/A N/A N/A N/A -5.72 08/01/2011

PIMCO Diversified (PDIIX) N/A N/A N/A N/A N/A N/A -4.13 (80) 08/01/2011

Barclays Capital Global Credit (Hedged) 0.18 (40) 1.69 (44) 1.69 (44) 9.41 (31) 5.39 (56) 5.87 (60) -1.48 (38)

Difference N/A N/A N/A N/A N/A N/A -2.65

IM Global Fixed Income (MF) -1.44 1.44 1.44 7.38 5.78 6.46 -3.10

Templeton Global Total Return (TTRZX) N/A N/A N/A N/A N/A N/A -7.65 (93) 08/01/2011

Barclays Capital Global Aggregate 0.97 (32) 4.00 (11) 4.00 (11) 7.78 (42) 6.85 (25) 6.87 (44) -1.07 (33)

Difference N/A N/A N/A N/A N/A N/A -6.58

IM Global Fixed Income (MF) -1.44 1.44 1.44 7.38 5.78 6.46 -3.10


Page 31




None

1Quarter

Oct-2010To

Sep-2011

1Year

3Years

5Years

10Years

SinceInception

InceptionDate

Total Real Estate 3.29 N/A N/A N/A N/A N/A 14.79 12/01/2010

JP Morgan Real Estate 3.22 (56) N/A N/A N/A N/A N/A 15.33 (N/A) 12/01/2010

NCREIF ODCE 3.52 (47) 18.27 (52) 18.27 (52) -6.40 (45) 0.00 (45) 5.91 (N/A) N/A


IM U.S. Open End Private Real Estate (SA+CF) 3.39 18.32 18.32 -8.53 -1.10 N/A N/A

Cornerstone Fund VIII 2.51 (81) N/A N/A N/A N/A N/A -1.45 (N/A) 05/01/2011

NCREIF ODCE 3.52 (47) 18.27 (52) 18.27 (52) -6.40 (45) 0.00 (45) 5.91 (N/A) N/A


IM U.S. Open End Private Real Estate (SA+CF) 3.39 18.32 18.32 -8.53 -1.10 N/A N/A

Total Managed Futures 1.17 N/A N/A N/A N/A N/A -4.16 02/01/2011

Princeton Futures 1.17 N/A N/A N/A N/A N/A -4.16 02/01/2011

Barclay BTOP 50 1.69 1.61 1.61 2.76 5.10 5.55 -0.71



Page 32

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

Oct-2005To

Sep-2006

Total Fund (Net) -0.67 9.58 1.50 -18.00 12.96 8.57

Total Fund Policy 2.07 10.11 1.25 -14.12 14.38 9.56

Difference -2.74 -0.53 0.25 -3.88 -1.42 -0.99

Total Fund (Gross) -0.27 (63) 10.01 (49) 2.14 (40) -17.67 (94) 13.29 (70) 8.90 (46)

Total Fund Policy 2.07 (19) 10.11 (47) 1.25 (51) -14.12 (56) 14.38 (51) 9.56 (31)

Difference -2.34 -0.10 0.89 -3.55 -1.09 -0.66

All Public Plans-Total Fund Median 0.34 9.99 1.29 -13.67 14.39 8.61

Total Fund w/changes -0.27 10.01 N/A N/A N/A N/A

Total Fund Policy 2.07 10.11 1.25 -14.12 14.38 9.56

Difference -2.34 -0.10 N/A N/A N/A N/A

Total Equity -3.97 9.54 -6.38 -24.20 16.58 11.21

Total Equity Policy -0.69 10.58 -4.54 -23.00 18.73 12.30

Difference -3.28 -1.04 -1.84 -1.20 -2.15 -1.09

Total Fixed Income 3.29 11.03 14.41 -5.02 5.62 3.99

Total Fixed Income Policy 5.26 8.16 10.55 3.39 5.28 3.61

Difference -1.97 2.87 3.86 -8.41 0.34 0.38

Total Real Estate N/A N/A N/A N/A N/A N/A

NCREIF ODCE 18.27 6.97 -35.19 3.18 18.21 17.45

Difference N/A N/A N/A N/A N/A N/A

Total Managed Futures N/A N/A N/A N/A N/A N/A

Barclay BTOP 50 1.61 0.52 6.25 7.21 10.20 1.74



Comparative Performance Fiscal Year Returns


None


Page 33




NoneOct-2010

ToSep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

Oct-2005To

Sep-2006

Total Domestic Equity -2.25 11.09 -8.86 -23.49 14.58 9.97

Dana Large Cap Growth 1.84 (43) 11.53 (47) N/A N/A N/A N/A

Russell 1000 Growth Index 3.78 (25) 12.65 (35) -1.85 (37) -20.88 (52) 19.35 (57) 6.04 (57)


IM U.S. Large Cap Growth Equity (SA+CF) 1.03 11.25 -3.03 -20.55 20.19 6.77

Sawgrass Large Cap Growth 5.68 (13) 14.37 (22) N/A N/A N/A N/A


Difference 1.90 1.72 N/A N/A N/A N/A


Moody All Cap Value -13.38 (100) 12.85 (37) N/A N/A N/A N/A

Russell 3000 Value Index -2.22 (62) 9.15 (70) -10.79 (94) -22.70 (78) 13.73 (76) 14.55 (18)

Difference -11.16 3.70 N/A N/A N/A N/A

IM U.S. All Cap Value Equity (SA+CF) -1.44 10.74 -3.68 -19.98 16.80 10.47

Lord Abbett Multi Cap Value N/A N/A N/A N/A N/A N/A



IM U.S. All Cap Value Equity (SA+CF) -1.44 10.74 -3.68 -19.98 16.80 10.47

Lord Abbett Large Cap Value N/A 6.83 (76) -6.31 (55) -22.65 (65) 15.14 (64) 15.41 (16)

Lord Abbett Policy -2.57 (62) 8.90 (54) -11.20 (88) -24.50 (78) 16.11 (53) 15.44 (16)

Difference N/A -2.07 4.89 1.85 -0.97 -0.03

IM U.S. Large Cap Value Equity (SA+CF) -1.50 9.12 -5.87 -20.90 16.35 12.65

INTECH Large Cap Growth N/A N/A -6.98 (75) -22.16 (62) 16.29 (81) 6.26 (54)


Difference N/A N/A -5.13 -1.28 -3.06 0.22



Page 34




NoneOct-2010

ToSep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

Oct-2005To

Sep-2006

Total Domestic Equity Continued

Martingale Domestic Equity Fund N/A N/A -20.18 (99) -17.53 (61) 6.23 (87) 3.26 (91)


Difference N/A N/A -7.57 -5.28 0.14 -10.75

IM U.S. Small Cap Value Equity (SA+CF) -3.39 14.96 -4.09 -15.88 13.54 10.17

North Pointe Domestic Equity Fund N/A N/A -18.48 (96) -34.54 (97) N/A N/A

Russell 2000 Growth Index -1.12 (62) 14.79 (55) -6.32 (63) -17.07 (15) 18.94 (71) 5.88 (53)

Difference N/A N/A -12.16 -17.47 N/A N/A

IM U.S. Small Cap Growth Equity (SA+CF) 0.09 15.44 -3.84 -22.83 22.99 6.30

Total International Equity -9.47 5.01 6.72 -27.87 26.33 20.78

Manning & Napier Overseas (EXOSX) -12.51 (67) 2.52 (89) N/A N/A N/A N/A

MSCI EAFE Index -8.94 (27) 3.71 (81) 3.80 (50) -30.13 (38) 25.38 (46) 19.65 (40)


IM International Multi-Cap Core Equity (MF) -11.04 6.58 3.79 -31.22 25.07 18.59

Baring International -6.58 (24) N/A N/A N/A N/A N/A

MSCI EAFE Index -8.94 (49) 3.71 (86) 3.80 (49) -30.13 (55) 25.38 (74) 19.65 (40)

Difference 2.36 N/A N/A N/A N/A N/A

IM International Large Cap Growth Equity (SA+CF) -9.00 9.26 3.24 -29.35 30.50 18.65

Invesco Int'l Equity FD N/A N/A N/A -27.74 (53) 21.59 (71) 20.81 (52)

MSCI EAFE Index -8.94 (56) 3.71 (63) 3.80 (60) -30.13 (71) 25.38 (41) 19.65 (70)

Difference N/A N/A N/A 2.39 -3.79 1.16

IM International Large Cap Value Equity (SA+CF) -8.61 4.84 5.03 -27.53 24.09 20.89

Artio Int'l Equity FD N/A N/A -0.94 (77) -27.98 (26) 32.35 (19) N/A

MSCI EAFE Index -8.94 (49) 3.71 (86) 3.80 (46) -30.13 (49) 25.38 (71) 19.65 (54)

Difference N/A N/A -4.74 2.15 6.97 N/A

IM International Large Cap Core Equity (SA+CF) -9.05 6.15 3.10 -30.25 26.93 19.78


Page 35




NoneOct-2010

ToSep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

Oct-2005To

Sep-2006

Total Domestic Fixed Income 4.22 11.03 14.41 -5.02 5.62 3.99

Loomis Sayles Fixed Income 4.59 (74) 12.01 (19) 17.79 (9) -11.43 (99) 6.05 (10) 3.83 (63)

Barclays Capital Aggregate 5.26 (45) 8.16 (92) 10.56 (84) 3.65 (27) 5.14 (58) 3.67 (80)

Difference -0.67 3.85 7.23 -15.08 0.91 0.16

IM U.S. Broad Market (SA+CF) 5.18 9.81 12.79 1.57 5.23 3.93

Pyramis Intermediate Fixed 3.65 (48) 9.41 (23) 11.14 (58) 0.77 (77) 5.16 (83) 4.16 (22)

Barclays Capital Intermediate U.S. Gov/Credit 3.40 (59) 7.77 (70) 10.01 (80) 3.13 (51) 5.43 (59) 3.54 (93)

Difference 0.25 1.64 1.13 -2.36 -0.27 0.62

IM U.S. Intermediate Duration (SA+CF) 3.59 8.27 11.53 3.21 5.49 3.91

Total Global Fixed Income N/A N/A N/A N/A N/A N/A

PIMCO Diversified (PDIIX) N/A N/A N/A N/A N/A N/A

Barclays Capital Global Credit (Hedged) 1.69 (44) 11.05 (34) 15.99 (25) -4.40 (80) 3.82 (84) 4.02 (12)


IM Global Fixed Income (MF) 1.44 8.00 13.40 -1.41 7.59 2.53

Templeton Global Total Return (TTRZX) N/A N/A N/A N/A N/A N/A

Barclays Capital Global Aggregate 4.00 (11) 6.06 (88) 13.51 (48) 2.80 (19) 8.20 (45) 3.22 (28)


IM Global Fixed Income (MF) 1.44 8.00 13.40 -1.41 7.59 2.53


Page 36




NoneOct-2010

ToSep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

Oct-2005To

Sep-2006

Total Real Estate N/A N/A N/A N/A N/A N/A

JP Morgan Real Estate N/A N/A N/A N/A N/A N/A

NCREIF ODCE 18.27 (52) 6.97 (47) -35.19 (53) 3.18 (52) 18.21 (56) 17.45 (55)


IM U.S. Open End Private Real Estate (SA+CF) 18.32 6.60 -33.44 3.47 18.53 18.08

Cornerstone Fund VIII N/A N/A N/A N/A N/A N/A

NCREIF ODCE 18.27 (52) 6.97 (47) -35.19 (53) 3.18 (52) 18.21 (56) 17.45 (55)


IM U.S. Open End Private Real Estate (SA+CF) 18.32 6.60 -33.44 3.47 18.53 18.08

Total Managed Futures N/A N/A N/A N/A N/A N/A

Princeton Futures N/A N/A N/A N/A N/A N/A

Barclay BTOP 50 1.61 0.52 6.25 7.21 10.20 1.74



Page 37


Page 38

Plan Sponsor Peer Group Analysis - All Public Plans-Total Fund

Comparative Performance

-28.00

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

20.00

23.00

26.00

29.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Total Fund (Gross) -0.27 (63) 10.01 (49) 2.14 (40) -17.67 (94) 13.29 (70)

Å Total Fund Policy 2.07 (19) 10.11 (47) 1.25 (51) -14.12 (56) 14.38 (51)

Median 0.34 9.99 1.29 -13.67 14.39

-20.00

-18.00

-16.00

-14.00

-12.00

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total Fund (Gross) -10.71 (63) -0.27 (63) -0.27 (63) 4.75 (60) 3.87 (49) -1.99 (82) 0.89 (88)

Å Total Fund Policy -8.40 (19) 2.07 (19) 2.07 (19) 6.02 (25) 4.40 (34) -0.57 (45) 2.25 (38)

Median -10.14 0.34 0.34 5.05 3.85 -0.78 1.99

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total Fund (Gross) 0.82 (69) 4.32 (36) 6.21 (51) 8.59 (55) -6.25 (69) 4.34 (19)

Total Fund Policy 0.99 (58) 3.70 (69) 6.40 (44) 9.20 (33) -6.37 (72) 3.86 (48)

All Public Plans-Total Fund Median 1.09 4.08 6.21 8.77 -5.82 3.82

Lakeland Employees' Retirement SystemTotal Fund (Gross)September 30, 2011

Page 39

Peer Group Scattergram - 3 Years

3 Yr Rolling Under/Over Performance - 5 Years


3 Yr Rolling Percentile Ranking - 5 Years

Historical Statsistics - 3 Years


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ Total Fund (Gross) 20 0 (0%) 1 (5%) 7 (35%) 12 (60%)

Å Total Fund Policy 20 0 (0%) 9 (45%) 11 (55%) 0 (0%)Under Performance Dec-2006 Sep-2011

-10.0

-5.0

0.0

5.0

10.0

15.0

To

tal

Fu

nd

(G

ross

) (%

)

-12.0 -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0

Total Fund Policy (%)

Over

Performance

Under

Performance

-3.00

0.00

3.00

6.00

Re

turn

(%

)

-3.00 0.00 3.00 6.00 9.00 12.00 15.00 18.00 21.00

Risk (Standard Deviation %)

ReturnStandardDeviation

¢ Total Fund (Gross) 3.87 16.68

Å Total Fund Policy 4.40 16.21

¾ Median 3.85 15.44

0.50

1.00

1.50

2.00

2.50

Re

turn

(%

)

12.8 13.0 13.2 13.4 13.6 13.8 14.0 14.2 14.4 14.6 14.8



¢ Total Fund (Gross) 0.9 14.5

Å Total Fund Policy 2.3 13.7

¾ Median 2.0 13.2

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Fund (Gross) 1.81 100.27 104.02 -0.56 -0.23 0.30 1.02 11.35

Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.33 1.00 10.6890 Day U.S. Treasury Bill 16.26 0.56 -0.94 0.23 -0.33 N/A 0.00 0.00

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Fund (Gross) 2.05 98.73 110.51 -1.37 -0.60 0.02 1.05 10.31

Total Fund Policy 0.00 100.00 100.00 0.00 N/A 0.11 1.00 9.1690 Day U.S. Treasury Bill 13.72 8.14 -6.29 1.72 -0.11 N/A 0.00 0.00

Lakeland Employees' Retirement SystemTotal Fund (Gross)September 30, 2011

Page 40

Peer Group Analysis - IM U.S. All Cap Equity (SA+CF)


-40.00

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Total Domestic Equity -2.25 (67) 11.09 (48) -8.86 (80) -23.49 (76) 14.58 (82)

Å Total Domestic Equity Policy 0.55 (47) 10.96 (50) -5.87 (60) -21.20 (56) 17.08 (63)

Median -0.30 10.96 -3.89 -20.87 19.12

-28.00

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total Domestic Equity -17.50 (61) -2.25 (67) -2.25 (67) 4.21 (67) -0.35 (84) -6.72 (88) -2.80 (90)

Å Total Domestic Equity Policy -15.28 (36) 0.55 (47) 0.55 (47) 5.63 (46) 1.65 (59) -4.62 (60) -0.63 (65)

Median -16.24 -0.30 -0.30 5.27 2.32 -3.99 0.69

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total Domestic Equity -0.05 (56) 6.72 (52) 11.07 (70) 10.64 (65) -10.88 (43) 6.51 (35)

Total Domestic Equity Policy -0.03 (53) 6.38 (57) 11.59 (55) 11.53 (45) -11.32 (59) 5.94 (51)

IM U.S. All Cap Equity (SA+CF) 0.00 6.85 11.92 11.37 -11.18 5.96

Lakeland Employees' Retirement SystemTotal Domestic Equity

September 30, 2011

Page 41





Historical Statistics - 3 Years


0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ Total Domestic Equity 20 0 (0%) 0 (0%) 0 (0%) 20 (100%)

Å Total Domestic Equity Policy 20 0 (0%) 0 (0%) 20 (100%) 0 (0%)Under Performance Dec-2006 Sep-2011

-20.0

-10.0

0.0

10.0

20.0

To

tal D

om

esti

c E

qui

ty (

%)

-24.0 -20.0 -16.0 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0

Total Domestic Equity Policy (%)

Over

Performance

Under

Performance

-5.00

0.00

5.00

10.00

Re

turn

(%

)

12.00 15.00 18.00 21.00 24.00 27.00 30.00 33.00 36.00



¢ Total Domestic Equity -0.35 25.82

Å Total Domestic Equity Policy 1.65 25.15

¾ Median 2.32 25.77

-8.00

-4.00

0.00

4.00

8.00

Re

turn

(%

)

12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00 32.00



¢ Total Domestic Equity -2.80 21.51

Å Total Domestic Equity Policy -0.63 20.91

¾ Median 0.69 22.22

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Domestic Equity 2.43 99.38 105.49 -1.91 -0.74 0.09 1.03 17.04

Total Domestic Equity Policy 0.00 100.00 100.00 0.00 N/A 0.18 1.00 16.1990 Day U.S. Treasury Bill 21.77 0.27 -0.41 0.22 -0.18 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Domestic Equity 2.12 97.90 106.00 -2.10 -0.98 -0.13 1.03 15.09

Total Domestic Equity Policy 0.00 100.00 100.00 0.00 N/A -0.03 1.00 14.3290 Day U.S. Treasury Bill 18.85 3.59 -2.93 1.72 0.03 N/A 0.00 0.01

Lakeland Employees' Retirement SystemTotal Domestic Equity

September 30, 2011

Page 42

Peer Group Analysis - IM U.S. All Cap Value Equity (SA+CF)


-60.00

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

Ret

urn

2010 2009 2008 2007 2006

¢ Lord Abbett Multi Cap Value N/A N/A N/A N/A N/A

Å Russell 3000 Value Index 16.23 (67) 19.76 (97) -36.25 (61) -1.01 (77) 22.34 (14)

Median 17.78 29.89 -35.17 3.88 17.44

-28.00

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Lord Abbett Multi Cap Value -19.07 (80) N/A N/A N/A N/A N/A N/A

Å Russell 3000 Value Index -16.63 (47) -2.22 (62) -2.22 (62) 3.31 (65) -1.62 (94) -7.38 (90) -3.50 (94)

Median -16.98 -1.44 -1.44 4.36 1.58 -3.99 -0.20

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Lord Abbett Multi Cap Value -1.14 (74) N/A N/A N/A N/A N/A

Russell 3000 Value Index -0.68 (65) 6.47 (48) 10.92 (59) 10.10 (69) -11.09 (61) 7.05 (43)

IM U.S. All Cap Value Equity (SA+CF) -0.18 6.37 11.40 10.83 -10.60 6.52

Lakeland Employees' Retirement SystemLord Abbett Multi Cap Value

September 30, 2011

Page 43

Lord Abbett Multi-Cap Value

Source: Morningstar DirectSM; composite portfolio holdings provided to Morningstar by investment manager. Performance calculations based on monthly holdings and may differ from actual performance for the strategy.

Top 10 Contributors Weight Return Contrib. Top 10 Portfolio Holdings Weight Return Statistics Portfolio BenchmarkHoldings Exxon Mobil Corporation 4.52 -10.14 Holdings As of Date 9/30/2011 9/30/2011Kinetic Concepts Inc 1.16 14.33 0.14 Amgen Inc 2.11 -5.30 Number of Holdings 112.00 1,984.00Goodrich Corporation 0.54 26.78 0.14 State Street Corp 2.08 -28.29 Top 10 Holdings % 23.81 22.57Range Resources Corporation 1.24 5.40 0.06 Anadarko Petroleum Corp 2.02 -17.76 Top 20 Holdings % 40.11 34.56Barrick Gold Corporation 1.44 4.12 0.05 Omnicom Group, Inc. 2.00 -22.99 Weighted Average Market Cap ($mil) 43,471.71 59,529.59MasterCard Incorporated A 1.00 5.30 0.05 UnitedHealth Group Inc 1.98 -10.27 Weighted Average P/B 2.73 1.67Celgene Corporation 1.68 2.64 0.04 Bunge Ltd 1.90 -15.12 Weighted Average P/C 10.09 8.47EQT Corp. 1.14 1.97 0.02 Archer-Daniels Midland Company 1.87 -17.24 Weighted Average P/E 14.58 14.41Colgate-Palmolive Company 0.62 2.12 0.01 The Interpublic Group of Cos Inc 1.84 -41.97 Weighted Average P/EBITDA 2.93 7.31The Coca-Cola Co 0.43 1.08 0.00 Teva Pharmaceutical Industries Ltd ADR 1.76 -22.44 Weighted Average P/FCF 32.83 13.82USTREAS T-Bill Auction Ave 3 Mon 1.56 0.01 0.00 Total 22.07 Weighted Average P/S 1.88 1.67

Leading Detractors Weight Return Contrib. Top 10 Benchmark Holdings Weight ReturnHoldings Chevron Corp 2.67 -9.25The Interpublic Group of Cos Inc 1.84 -41.97 -0.90 General Electric Co 2.59 -18.55Lazard Ltd 1.42 -42.83 -0.65 AT&T Inc 2.43 -7.95Warner Chilcott PLC A 1.38 -40.74 -0.63 The Procter & Gamble Co 2.27 0.20State Street Corp 2.08 -28.29 -0.62 JPMorgan Chase & Co 2.18 -25.99Halliburton Company 1.52 -40.03 -0.59 Pfizer Inc 2.14 -13.22NuVasive, Inc. 0.97 -48.11 -0.52 Johnson & Johnson 1.98 -3.41Trinity Industries, Inc. 1.22 -38.46 -0.51 Berkshire Hathaway Inc B 1.81 -8.21Omnicom Group, Inc. 2.00 -22.99 -0.47 Wells Fargo & Co 1.73 -13.66Exxon Mobil Corporation 4.52 -10.14 -0.45 Intel Corp 1.58 -2.80LyondellBasell Industries NV 1.25 -36.20 -0.44 Total 21.37

Contribution 7/1/2011 - 9/30/2011 Performance 7/1/2011 - 9/30/2011 Portfolio Characteristics - Latest Holdings

Weights % Return % Contribution % Attribution

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark GICS Sector Weighting %

Selection % Active Return %

Lord Abbett Multi Cap Value 100.00 100.00 -19.35 -16.65 -19.35 -16.65 -0.24 -2.46 -2.70Consumer Discretionary 8.58 9.06 -27.95 -19.64 -2.52 -1.80 0.02 -0.76 -0.74Consumer Staples 8.68 7.19 -11.58 -4.70 -0.98 -0.33 0.17 -0.57 -0.40Energy 19.22 11.98 -18.64 -20.69 -3.44 -2.45 -0.32 0.41 0.09Financials 15.73 27.01 -23.72 -22.33 -3.78 -6.11 0.65 -0.23 0.42Health Care 21.31 11.77 -16.79 -10.23 -3.59 -1.20 0.60 -1.37 -0.77Industrials 11.13 9.64 -25.57 -22.30 -2.98 -2.21 -0.09 -0.39 -0.47Information Technology 6.28 8.88 -13.10 -15.38 -0.83 -1.37 -0.03 0.14 0.12Materials 6.16 3.03 -19.47 -24.92 -1.17 -0.76 -0.28 0.35 0.08Telecommunication Services 0.00 4.36 -9.78 0.00 -0.43 -0.30 0.00 -0.30Utilities 1.35 7.08 -5.06 0.01 -0.07 0.00 -0.90 -0.06 -0.97Cash 1.56 0.00 0.01 0.00 0.00 0.25 0.00 0.25

GICS Sector Analysis: 7/1/2011 - 9/30/2011

Portfolio Benchmark Portfolio Benchmark Portfolio BenchmarkMarket Cap -

TBG5 Allocation %


Lord Abbett Multi Cap Value 100.00 100.00 -19.35 -16.65 -19.35 -16.65 -0.58 -2.12 -2.70Market Cap (United States) [100,000 - +∞) 10.67 25.82 -10.21 -9.79 -1.06 -2.49 -1.01 -0.04 -1.05Market Cap (United States) [20,000 - 100,000) 30.51 30.59 -15.77 -18.61 -4.74 -5.72 0.00 0.86 0.85Market Cap (United States) [10,000 - 20,000) 23.92 14.81 -19.51 -14.89 -4.67 -2.19 0.16 -1.10 -0.94Market Cap (United States) [2,000 - 10,000) 29.74 19.14 -24.46 -20.30 -7.39 -3.92 -0.38 -1.28 -1.66Market Cap (United States) (-∞ - 2,000) 3.60 9.42 -38.58 -24.35 -1.48 -2.34 0.46 -0.56 -0.10Unclassified 0.00 0.21 8.36 0.00 0.02 -0.05 0.00 -0.05Cash 1.56 0.00 0.01 0.00 0.00 0.25 0.00 0.25

Weights % Return % Contribution % Attribution EffectMkt Cap Analysis 7/1/2011 - 9/30/2011

Page 44

Peer Group Analysis - IM U.S. All Cap Value Equity (SA+CF)


-40.00

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Moody All Cap Value -13.38 (99) 12.85 (37) N/A N/A N/A

Å Russell 3000 Value Index -2.22 (62) 9.15 (70) -10.79 (94) -22.70 (78) 13.73 (76)

Median -1.44 10.74 -3.68 -19.98 16.80

-31.00

-28.00

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Moody All Cap Value -25.65 (99) -13.38 (99) -13.38 (99) -1.13 (99) N/A N/A N/A

Å Russell 3000 Value Index -16.63 (47) -2.22 (62) -2.22 (62) 3.31 (65) -1.62 (94) -7.38 (90) -3.50 (94)

Median -16.98 -1.44 -1.44 4.36 1.58 -3.99 -0.20

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Moody All Cap Value -4.81 (100) 7.73 (35) 13.60 (15) 11.44 (39) -11.73 (75) 7.34 (39)

Russell 3000 Value Index -0.68 (65) 6.47 (48) 10.92 (59) 10.10 (69) -11.09 (61) 7.05 (43)

IM U.S. All Cap Value Equity (SA+CF) -0.18 6.37 11.40 10.83 -10.60 6.52

Lakeland Employees' Retirement SystemMoody All Cap ValueSeptember 30, 2011

Page 45

Moody Aldrich Focused Value

Source: Morningstar DirectSM; composite portfolio holdings provided to Morningstar by investment manager. Performance calculations based on monthly holdings and may differ from actual performance for the strategy.

Top 10 Contributors Weight Return Contrib. Top 10 Portfolio Holdings Weight Return Statistics Portfolio BenchmarkHoldings Constellation Energy Group Inc 4.24 0.89 Holdings As of Date 9/30/2011 9/30/2011Ameren Corp 4.00 4.60 0.17 East West Bancorp, Inc. 4.19 -25.99 Number of Holdings 36.00 1,984.00PPL Corp 3.96 3.82 0.14 Baxter International Inc. 4.18 -5.42 Top 10 Holdings % 44.36 22.57Constellation Energy Group Inc 4.24 0.89 0.04 Exelon Corp 4.13 0.73 Top 20 Holdings % 74.99 34.56Exelon Corp 4.13 0.73 0.03 AT&T Inc 4.02 -7.95 Weighted Average Market Cap ($ 18,490.47 59,529.59TAL International Group, Inc. 0.16 -26.52 -0.04 Ameren Corp 4.00 4.60 Weighted Average P/B 1.92 1.67Sempra Energy 3.61 -1.69 -0.06 PPL Corp 3.96 3.82 Weighted Average P/C 8.50 8.47MPG Office Trust, Inc. 0.77 -26.22 -0.18 Cloud Peak Energy Inc 3.87 -20.42 Weighted Average P/E 15.37 14.41Fushi Copperweld, Inc. 1.87 -13.61 -0.21 Sempra Energy 3.61 -1.69 Weighted Average P/EBITDA 4.47 7.31Baxter International Inc. 4.18 -5.42 -0.22 W.R. Grace & Company 3.51 -27.02 Weighted Average P/FCF 17.66 13.82Quicksilver Resources, Inc. 0.58 -48.64 -0.31 Total 39.70 Weighted Average P/S 1.10 1.67

Leading Detractors Weight Return Contrib. Top 10 Benchmark Holdings Weight ReturnHoldings Chevron Corp 2.67 -9.25Huntsman Corporation 3.30 -48.28 -1.68 General Electric Co 2.59 -18.55Navistar International Corp 3.13 -43.11 -1.45 AT&T Inc 2.43 -7.95The Goodyear Tire & Rubber Co 3.46 -39.83 -1.45 The Procter & Gamble Co 2.27 0.20Tesco Corporation 3.47 -40.24 -1.34 JPMorgan Chase & Co 2.18 -25.99Hospira, Inc. 3.34 -34.70 -1.21 Pfizer Inc 2.14 -13.22Mueller Water Products, Inc. 2.71 -37.15 -1.20 Johnson & Johnson 1.98 -3.41Bank of America Corporation 2.40 -44.09 -1.14 Berkshire Hathaway Inc B 1.81 -8.21East West Bancorp, Inc. 4.19 -25.99 -1.13 Wells Fargo & Co 1.73 -13.66MGIC Investment Corporation 1.18 -68.57 -1.10 Intel Corp 1.58 -2.80Weyerhaeuser Co 3.48 -28.26 -1.02 Total 21.37


Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark GICS Sector Selection % Active Return %

Moodu Focused Value 100.00 100.00 -24.16 -16.65 -24.16 -16.65 0.36 -7.88 -7.52

Consumer Discretionary 6.34 9.06 -33.84 -19.64 -2.21 -1.80 0.08 -0.93 -0.85Consumer Staples 0.00 7.19 -4.70 0.00 -0.33 -0.81 0.00 -0.81Energy 15.24 11.98 -30.10 -20.69 -4.43 -2.45 -0.15 -1.40 -1.55Financials 20.04 27.01 -30.71 -22.33 -6.37 -6.11 0.41 -1.77 -1.36Health Care 7.52 11.77 -18.93 -10.23 -1.43 -1.20 -0.27 -0.63 -0.90Industrials 13.64 9.64 -33.38 -22.30 -4.82 -2.21 -0.23 -1.60 -1.83Information Technology 2.78 8.88 -32.62 -15.38 -0.93 -1.37 -0.08 -0.48 -0.56Materials 10.48 3.03 -37.79 -24.92 -3.97 -0.76 -0.58 -1.40 -1.98Telecommunication Services 4.02 4.36 -7.95 -9.78 -0.32 -0.43 -0.02 0.07 0.06Utilities 19.92 7.08 1.69 0.01 0.32 0.00 2.01 0.26 2.28Cash 0.00 0.00

GICS Sector Analysis: 7/1/2011 - 9/30/2011Weights % Return % Contribution % Attribution Effect

Portfolio Benchmark Portfolio Benchmark Portfolio BenchmarkMarket Cap -

TBG5 Allocation %


Moodu Focused Value 100.00 100.00 -24.16 -16.65 -24.16 -16.65 -3.28 -4.24 -7.52Market Cap (United States) [100,000 - +∞) 4.02 25.82 -7.95 -9.79 -0.32 -2.49 -1.44 0.09 -1.35Market Cap (United States) [20,000 - 100,000) 17.32 30.59 -18.52 -18.61 -3.13 -5.72 0.25 -0.01 0.25Market Cap (United States) [10,000 - 20,000) 7.56 14.81 1.15 -14.89 0.08 -2.19 -0.13 1.14 1.01Market Cap (United States) [2,000 - 10,000) 51.90 19.14 -26.88 -20.30 -14.05 -3.92 -1.18 -3.47 -4.65Market Cap (United States) (-∞ - 2,000) 19.20 9.42 -34.26 -24.35 -6.75 -2.34 -0.74 -1.98 -2.73Unclassified 0.00 0.21 8.36 0.00 0.02 -0.05 0.00 -0.05Cash 0.00 0.00

Mkt Cap Analysis 7/1/2011 - 9/30/2011Weights % Return % Contribution % Attribution Effect

Page 46

Peer Group Analysis - IM U.S. Large Cap Growth Equity (SA+CF)


-40.00

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Dana Large Cap Growth 1.84 (43) 11.53 (47) N/A N/A N/A

Å Russell 1000 Growth Index 3.78 (25) 12.65 (35) -1.85 (37) -20.88 (52) 19.35 (57)

Median 1.03 11.25 -3.03 -20.55 20.19

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Dana Large Cap Growth -15.58 (64) 1.84 (43) 1.84 (43) 6.57 (42) N/A N/A N/A

Å Russell 1000 Growth Index -13.14 (26) 3.78 (25) 3.78 (25) 8.12 (24) 4.69 (26) -2.39 (32) 1.62 (39)

Median -14.62 1.03 1.03 5.95 2.96 -3.33 0.95

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Dana Large Cap Growth 0.62 (49) 8.21 (9) 10.79 (68) 11.81 (60) -10.94 (33) 4.68 (51)

Russell 1000 Growth Index 0.76 (46) 6.03 (46) 11.83 (49) 13.00 (38) -11.75 (53) 4.65 (52)

IM U.S. Large Cap Growth Equity (SA+CF) 0.59 5.83 11.77 12.27 -11.63 4.71

Lakeland Employees' Retirement SystemDana Large Cap Growth

September 30, 2011

Page 47

Dana Investment Advisors: Large Cap Growth

Source: Morningstar DirectSM; portfolio holdings obtained from the Plan’s custodian. Performance calculations based on monthly holdings and may differ from actual performance for the strategy.


Top 10 Contributors Weight Return Contribution Top 10 Portfolio Holdings Weight Return Statistics Portfolio BenchmarkApple, Inc. 2.46 13.60 0.29 Apple, Inc. 2.46 13.60 Holdings As of Date 9/30/2011 9/30/2011Perrigo Company 1.86 10.60 0.18 Google, Inc. 2.41 1.71 Number of Holdings 53.00 587.00McDonald's Corporation 1.93 4.85 0.09 International Business Machines Corp 2.37 2.40 Inception Date 2/23/2001 12/29/1978International Business Machines Corp 2.37 2.40 0.05 Cabot Oil & Gas Corporation A 2.21 -6.59 Top 10 Holdings % 24.15 28.51Google, Inc. 2.41 1.71 0.04 Qualcomm, Inc. 2.21 -13.98 Top 20 Holdings % 45.37 39.20

The Coca-Cola Co 2.05 1.08 0.02 American Express Co 2.19 -13.15 Equity Holding % 100.00 100.00Abbott Laboratories 1.93 -1.93 -0.04 Halliburton Company 2.13 -40.03 Cash Holdings % 0.00 0.00Nordstrom, Inc. 1.88 -2.18 -0.04 Helmerich & Payne, Inc. 2.11 -38.52 Weighted Average Market Cap ($mil) 62,591.62 87,779.02Microsoft Corporation 2.07 -3.67 -0.07 Teradata Corporation 2.07 -11.08 Weighted Average P/B 4.99 5.04Philip Morris International, Inc. 1.89 -5.45 -0.10 Microchip Technology, Inc. 2.07 -17.03 Weighted Average P/C 10.92 12.82

Total 22.24 Weighted Average P/E 15.40 18.19Weighted Average P/EBITDA 9.82 13.08

Top 10 Detractors Weight Return Contribution Weighted Average P/FCF 17.13 23.83Juniper Networks, Inc. 1.78 -45.21 -0.96 Top 10 Benchmark Holdings Weight Return Weighted Average P/S 2.93 2.82Halliburton Company 2.13 -40.03 -0.83 ExxonMobil Corporation 5.68 -2.71Helmerich & Payne, Inc. 2.11 -38.52 -0.80 Apple, Inc. 4.51 -3.68Arrow Electronics Inc 1.99 -33.06 -0.73 International Business Machines Corp 3.06 5.67MetroPCS Communications Inc 1.29 -49.42 -0.71 Google, Inc. 1.92 -13.70Timken Company 1.74 -34.53 -0.65 Oracle Corporation 1.87 -1.39Albemarle Corp 1.42 -41.41 -0.63 Microsoft Corporation 1.86 3.07Agilent Technologies Inc 1.43 -38.86 -0.63 Philip Morris International, Inc. 1.53 2.69Caterpillar Inc 2.00 -30.34 -0.63 Schlumberger, Ltd. 1.52 -7.08Textainer Group Holdings, Ltd. 1.72 -33.14 -0.62 Coca-Cola Company 1.50 2.16

Cisco Systems, Inc. 1.40 -8.98Total 24.84

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio BenchmarkGICS Sector Allocation % Selection %

Active Return %

Attribution Total 100.00 99.95 100.00 100.00 -18.25 -13.14 -18.25 -13.14 -0.09 -5.01 -5.11Consumer Discretionary 13.96 14.16 13.96 14.17 -14.61 -11.08 -2.03 -1.56 0.00 -0.48 -0.48Consumer Staples 11.50 12.06 11.50 12.07 -12.98 -4.46 -1.47 -0.53 -0.05 -0.94 -0.99Energy 12.03 11.51 12.03 11.52 -23.66 -21.77 -2.74 -2.51 -0.08 -0.20 -0.28Financials 4.21 3.94 4.21 3.94 -17.59 -17.41 -0.74 -0.69 -0.01 -0.01 -0.02Health Care 10.92 10.82 10.92 10.83 -12.28 -12.59 -1.32 -1.38 0.01 0.03 0.04Industrials 12.81 12.80 12.81 12.81 -28.50 -21.91 -3.83 -2.94 0.00 -0.91 -0.91Information Technology 27.46 27.47 27.46 27.46 -13.55 -7.40 -3.72 -2.00 0.01 -1.61 -1.60Materials 5.82 5.95 5.82 5.95 -28.56 -24.28 -1.69 -1.46 0.04 -0.30 -0.27Telecommunication Services 1.29 1.17 1.29 1.17 -49.42 -7.08 -0.71 -0.08 0.01 -0.60 -0.59Utilities 0.00 0.08 0.00 0.08 -0.81 0.00 0.00 -0.01 0.00 -0.01

Weights % Rescaled Weights % Return % Contribution % Attribution EffectGICS Attribution 07/01/2011 - 09/30/2011

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio BenchmarkMarket Cap v1 Weighting % Selection %

Active Return %

Attribution Total 100.00 99.95 100.00 100.00 -18.25 -13.14 -18.25 -13.14 -2.09 -3.02 -5.11MktCap1 ($0 to $2B) 1.72 1.05 1.72 1.06 -33.14 -35.83 -0.62 -0.42 -0.16 0.05 -0.11MktCap2 ($20B to $10B) 37.53 21.95 37.53 21.96 -21.03 -21.23 -8.00 -4.81 -1.28 0.07 -1.20MktCap3 ($10B to $20B) 10.35 12.99 10.35 13.00 -28.56 -15.72 -3.15 -2.08 0.06 -1.41 -1.35MktCap4 ($20B to $100B) 31.29 38.02 31.29 38.05 -19.53 -14.89 -6.09 -5.70 0.12 -1.47 -1.35MktCap5 (greater than $100B) 19.12 25.64 19.12 25.66 -2.18 -0.76 -0.39 -0.19 -0.76 -0.25 -1.01Unclassified 0.00 0.30 0.00 0.27 17.73 0.00 0.05 -0.08 0.00 -0.08

Attribution 7/1/2011 - 9/30/2011Weights % Rescaled Weights % Return % Contribution % Attribution Effect

Note – there is a 1.90% return gap in between the attribution and reported numbers.

Page 48

Peer Group Analysis - IM U.S. Large Cap Growth Equity (SA+CF)


-40.00

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Sawgrass Large Cap Growth 5.68 (13) 14.37 (22) N/A N/A N/A

Å Russell 1000 Growth Index 3.78 (25) 12.65 (35) -1.85 (37) -20.88 (52) 19.35 (57)

Median 1.03 11.25 -3.03 -20.55 20.19

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Sawgrass Large Cap Growth -10.86 (10) 5.68 (13) 5.68 (13) 9.94 (13) N/A N/A N/A

Å Russell 1000 Growth Index -13.14 (26) 3.78 (25) 3.78 (25) 8.12 (24) 4.69 (26) -2.39 (32) 1.62 (39)

Median -14.62 1.03 1.03 5.95 2.96 -3.33 0.95

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Sawgrass Large Cap Growth 4.65 (2) 5.78 (51) 7.10 (97) 9.78 (90) -8.39 (7) 5.01 (44)

Russell 1000 Growth Index 0.76 (46) 6.03 (46) 11.83 (49) 13.00 (38) -11.75 (53) 4.65 (52)

IM U.S. Large Cap Growth Equity (SA+CF) 0.59 5.83 11.77 12.27 -11.63 4.71

Lakeland Employees' Retirement SystemSawgrass Large Cap Growth

September 30, 2011

Page 49

Sawgrass Asset Management: Opportunistic Growth



Top 10 Contributors Weight Return Contribution Top 10 Portfolio Holdings Weight Return Statistics Portfolio BenchmarkMcDonald's Corporation 8.07 4.85 0.37 International Business Machines Corp 8.57 2.40 Holdings As of Date 3/31/2011 9/30/2011TJX Companies 4.24 5.97 0.24 McDonald's Corporation 8.07 4.85 Number of Holdings 22.00 587.00International Business Machines Corp 8.57 2.40 0.20 Occidental Petroleum Corporation 7.25 -30.90 Inception Date 2/28/2007 12/29/1978Celgene Corporation 4.12 2.64 0.11 Danaher Corporation 6.71 -20.81 Top 10 Holdings % 62.97 28.51USTREAS T-Bill Auction Ave 3 Mon 6.50 0.01 0.00 USTREAS T-Bill Auction Ave 3 Mon 6.50 0.01 Top 20 Holdings % 99.88 39.20Eli Lilly and Company 0.09 -0.12 0.00 Microsoft Corporation 6.23 -3.67 Equity Holding % 100.00 100.00Johnson & Johnson 0.05 -3.41 0.00 Thermo Fisher Scientific, Inc. 5.93 -21.35 Cash Holdings % 6.59 0.00Ross Stores, Inc. 4.28 -1.50 -0.06 Directv 5.27 -16.82 Weighted Average Market Cap ($mil) 79,688.26 87,779.02Abbott Laboratories 4.87 -1.93 -0.09 Abbott Laboratories 4.87 -1.93 Weighted Average P/B 4.29 5.04Microsoft Corporation 6.23 -3.67 -0.22 Express Scripts 4.46 -31.33 Weighted Average P/C 11.14 12.82

Total 63.88 Weighted Average P/E 17.37 18.19Weighted Average P/EBITDA 11.23 13.08

Top 10 Detractors Weight Return Contribution Weighted Average P/FCF 15.90 23.83Occidental Petroleum Corporation 7.25 -30.90 -2.36 Top 10 Benchmark Holdings Weight Return Weighted Average P/S 2.54 2.82Danaher Corporation 6.71 -20.81 -1.46 Apple, Inc. 5.16 13.60Express Scripts 4.46 -31.33 -1.42 Exxon Mobil Corporation 4.29 -10.14Thermo Fisher Scientific, Inc. 5.93 -21.35 -1.33 International Business Machines Corp 3.19 2.40Hewlett-Packard Company 2.85 -38.00 -1.18 Microsoft Corporation 2.98 -3.67Aflac, Inc. 3.63 -24.54 -0.93 Google, Inc. 2.08 1.71Directv 5.27 -16.82 -0.90 The Coca-Cola Co 2.04 1.08American Express Company 4.28 -13.15 -0.56 Oracle Corporation 1.76 -12.51Oracle Corporation 3.94 -12.51 -0.52 Schlumberger NV 1.73 -30.64Dover Corporation 1.53 -30.88 -0.50 Philip Morris International, Inc. 1.67 -5.45

PepsiCo Inc 1.58 -11.41Total 26.48

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio BenchmarkGICS Sector Weighting % Selection %

Active Return %

Attribution Total 100.00 99.95 100.00 100.00 -11.17 -13.14 -11.17 -13.14 1.02 0.95 1.97Consumer Discretionary 21.87 14.16 21.87 14.17 -1.71 -11.08 -0.36 -1.56 0.16 2.00 2.16Consumer Staples 4.32 12.06 4.32 12.07 -6.73 -4.46 -0.30 -0.53 -0.67 -0.07 -0.75Energy 10.05 11.51 10.05 11.52 -25.19 -21.77 -2.61 -2.51 0.15 -0.42 -0.27Financials 7.91 3.94 7.91 3.94 -18.51 -17.41 -1.49 -0.69 -0.17 -0.10 -0.27Health Care 19.52 10.82 19.52 10.83 -13.89 -12.59 -2.73 -1.38 0.05 -0.26 -0.21Industrials 8.24 12.80 8.24 12.81 -22.70 -21.91 -1.96 -2.94 0.42 -0.07 0.35Information Technology 21.60 27.47 21.60 27.46 -8.07 -7.40 -1.72 -2.00 -0.34 -0.13 -0.48Materials 0.00 5.95 0.00 5.95 -24.28 0.00 -1.46 0.67 0.00 0.67Telecommunication Services 0.00 1.17 0.00 1.17 -7.08 0.00 -0.08 -0.07 0.00 -0.07Utilities 0.00 0.08 0.00 0.08 -0.81 0.00 0.00 -0.01 0.00 -0.01Cash 6.50 0.00 6.50 0.00 0.01 0.00 0.00 0.84 0.00 0.84

Attribution 7/1/2011 - 9/30/2011Weights % Rescaled Weights % Return % Contribution % Attribution Effect

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark

Market Cap v1 Weighting %

Attribution Total 100.00 99.95 100.00 100.00 -11.17 -13.14 -11.17 -13.14 1.63MktCap1 ($0 to $2B) 0.00 1.05 0.00 1.06 -35.83 0.00 -0.42 0.27MktCap2 ($20B to $10B) 5.85 21.95 5.85 21.96 -13.18 -21.23 -0.80 -4.81 1.35MktCap3 ($10B to $20B) 13.84 12.99 13.84 13.00 -16.23 -15.72 -2.32 -2.08 -0.03MktCap4 ($20B to $100B) 52.22 38.02 52.22 38.05 -13.86 -14.89 -7.26 -5.70 -0.24MktCap5 (greater than $100B) 21.59 25.64 21.59 25.66 -3.78 -0.76 -0.79 -0.19 -0.48Unclassified 0.00 0.30 0.00 0.27 17.73 0.00 0.05 -0.08Cash 6.50 0.00 6.50 0.00 0.01 0.00 0.00 0.84

Attribution 7/1/2011 - 9/30/2011Weights % Rescaled Weights % Return % Contribution % Attribution Effe

Page 50

Peer Group Analysis - IM International Core Equity (SA+CF)


-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Total International Equity -9.47 (62) 5.01 (71) 6.72 (26) -27.87 (22) 26.33 (59)

Å Total International Policy -10.42 (71) 8.00 (34) 4.01 (48) -30.13 (43) 25.38 (72)

Median -8.59 6.76 3.50 -30.58 26.95

-28.00

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total International Equity -19.43 (39) -9.47 (62) -9.47 (62) -2.50 (70) 0.48 (47) -7.51 (32) -1.56 (36)

Å Total International Policy -19.78 (49) -10.42 (71) -10.42 (71) -1.64 (55) 0.21 (50) -8.43 (49) -2.49 (60)

Median -19.92 -8.59 -8.59 -1.35 0.20 -8.48 -1.91

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total International Equity 1.93 (54) 4.09 (32) 5.90 (90) 14.60 (89) -11.07 (18) 1.59 (48)

Total International Policy 0.61 (88) 3.49 (56) 7.25 (68) 16.66 (60) -12.26 (43) 1.66 (46)

IM International Core Equity (SA+CF) 2.05 3.59 7.85 17.19 -12.49 1.54

Lakeland Employees' Retirement SystemTotal International Equity

September 30, 2011

Page 51







0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ Total International Equity 20 3 (15%) 10 (50%) 7 (35%) 0 (0%)

Å Total International Policy 20 0 (0%) 9 (45%) 10 (50%) 1 (5%)

Over Performance Under Performance

Dec-2006 Sep-2011

-24.0

-12.0

0.0

12.0

24.0

36.0

To

tal

Inte

rna

tio

na

l E

qu

ity

(%)

-20.0 -10.0 0.0 10.0 20.0 30.0

Total International Policy (%)

Over

Performance

Under

Performance

-6.00

-3.00

0.00

3.00

6.00

Re

turn

(%

)

12.00 15.00 18.00 21.00 24.00 27.00 30.00 33.00 36.00



¢ Total International Equity 0.48 27.84

Å Total International Policy 0.21 29.06

¾ Median 0.20 29.23

-6.00

-3.00

0.00

3.00

Re

turn

(%

)

18.00 20.00 22.00 24.00 26.00 28.00 30.00



¢ Total International Equity -1.56 24.38

Å Total International Policy -2.49 25.40

¾ Median -1.91 25.97

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total International Equity 3.90 100.74 100.57 0.21 0.02 0.14 0.96 17.57

Total International Policy 0.00 100.00 100.00 0.00 N/A 0.13 1.00 18.2890 Day U.S. Treasury Bill 25.02 0.21 -0.41 0.21 -0.13 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total International Equity 3.29 101.35 98.62 0.80 0.24 -0.04 0.96 16.07

Total International Policy 0.00 100.00 100.00 0.00 N/A -0.08 1.00 16.7990 Day U.S. Treasury Bill 22.09 3.42 -2.44 1.72 0.08 N/A 0.00 0.01

Lakeland Employees' Retirement SystemTotal International Equity

September 30, 2011

Page 52

Peer Group Analysis - IM International Large Cap Growth Equity (SA+CF)


-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

60.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Baring International -6.58 (24) N/A N/A N/A N/A

Å MSCI EAFE Index -8.94 (49) 3.71 (86) 3.80 (49) -30.13 (55) 25.38 (74)

Median -9.00 9.26 3.24 -29.35 30.50

-28.00

-26.00

-24.00

-22.00

-20.00

-18.00

-16.00

-14.00

-12.00

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Baring International -15.19 (7) -6.58 (24) -6.58 (24) N/A N/A N/A N/A

Å MSCI EAFE Index -18.95 (31) -8.94 (49) -8.94 (49) -2.82 (82) -0.66 (61) -9.03 (64) -3.00 (72)

Median -20.11 -9.00 -9.00 -0.05 1.10 -7.76 -1.10

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Baring International 1.98 (48) 2.81 (59) 5.06 (92) 14.06 (89) N/A N/A

MSCI EAFE Index 1.83 (51) 3.45 (42) 6.65 (75) 16.53 (48) -13.75 (81) 0.94 (70)

IM International Large Cap Growth Equity (SA+CF) 1.93 3.04 7.74 16.39 -11.77 1.55

Lakeland Employees' Retirement SystemBaring InternationalSeptember 30, 2011

Page 53

Baring Focused International Growth (Holdings from mutual fund version of strategy: MOUSX)


Top 10 Contributors Weight Return Contrib. Top 10 Portfolio Holdings Weight Return Statistics Portfolio BenchmarkHoldings USTREAS T-Bill Auction Ave 3 Mon 3.40 0.01 Holdings As of Date 8/31/2011 9/30/2011Petropavlovsk PLC 0.96 21.15 0.29 New crest Mining Limited 2.45 -17.61 Number of Holdings 59 943Fresnillo PLC 2.33 10.48 0.25 Israel Chemicals Ltd. 2.31 -12.40 Top 10 Holdings % 23.07 13.46Rakuten Inc 1.81 13.85 0.24 Fresnillo PLC 2.27 10.48 Top 20 Holdings % 42.84 21.69Unicharm Corp 1.69 11.63 0.19 SES S.A. 2.22 -13.27 Weighted Average Market Cap ($mil) 32,186.14 50,608.84Chugai Pharmaceutical Co., Ltd. 1.39 5.01 0.06 OAO Gazprom ADR 2.14 -33.54 Weighted Average P/B 3.01 2.30Imperial Tobacco Group PLC 1.96 3.21 0.06 Bayer AG 2.13 -30.81 Weighted Average P/C 11.49 8.77

Nippon Telegraph and Telephone Corporation 1.94 2.86 0.05 Keyence Corp. 2.09 -1.27 Weighted Average P/E 18.92 13.98Tullow Oil PLC 1.49 2.74 0.04 Fresenius SE & Co KGaA 2.06 -14.31 Weighted Average P/EBITDA 6.55 7.40

Grifols, S.A. 0.91 2.82 0.04 BG Group PLC 2.05 -14.39 Weighted Average P/FCF 71.01 128.12NTT DoCoMo, Inc. 0.56 5.68 0.03 Total 23.12 Weighted Average P/S 3.02 1.73

Top 10 Detractors Top 10 Benchmark Holdings Weight ReturnHoldings Nestle SA 1.97 -11.11OAO Gazprom ADR 2.20 -33.54 -0.76 HSBC Holdings PLC 1.52 -20.20Paladin Energy Ltd. 1.27 -56.23 -0.75 BHP Billiton Ltd 1.31 -26.41Bayer AG 2.19 -30.81 -0.72 Novartis AG 1.28 -8.56Keppel Corp Ltd 1.85 -32.98 -0.64 Vodafone Group PLC 1.27 -2.41Bayerische Motoren Werke AG 1.85 -32.80 -0.63 BP Plc 1.22 -17.00UBS AG 1.48 -36.26 -0.61 Royal Dutch Shell PLC 1.14 -11.54Suez Environnement Company SA 1.71 -29.69 -0.54 Roche Holding AG 1.11 -3.08Centamin Egypt Limited 1.93 -27.46 -0.53 Total SA 1.03 -21.51Yara International ASA 1.02 -31.51 -0.53 GlaxoSmithKline PLC 1.02 -1.87Marine Harvest ASA 0.94 -45.54 -0.52 Total 12.89


Attribution 7/1/2011 - 9/30/2011



Baring Focused International Plus 100.00 100.00 -16.17 -18.78 -16.17 -18.78 -0.04 2.66 2.61

Consumer Discretionary 9.44 10.25 -11.34 -19.88 -0.97 -2.05 0.00 0.83 0.83Consumer Staples 6.51 10.55 -11.58 -8.79 -0.75 -0.90 -0.40 -0.19 -0.59Energy 12.35 8.17 -23.95 -18.24 -3.01 -1.48 0.02 -0.69 -0.67Financials 20.09 22.89 -21.10 -23.82 -4.39 -5.58 0.15 0.57 0.72Health Care 10.12 9.04 -11.43 -9.54 -1.22 -0.84 0.11 -0.25 -0.14Industrials 7.61 12.69 -16.58 -22.06 -1.21 -2.82 0.17 0.44 0.62

Information Technology 6.66 4.49 -14.55 -13.55 -1.01 -0.60 0.14 -0.07 0.07Materials 16.89 11.22 -14.47 -27.86 -2.42 -3.17 -0.63 2.32 1.69

Telecommunication Services 5.11 5.89 -12.14 -11.56 -0.66 -0.67 -0.04 -0.04 -0.07Utilities 1.71 4.61 -29.69 -14.14 -0.54 -0.66 -0.15 -0.27 -0.42Cash 3.51 0.00 0.01 0.00 0.00 0.58 0.00 0.58Total -16.17 -18.78Attribution 7/1/2011 - 9/30/2011

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark MKTCAP Weighting %


Baring Focused International Plus 100.00 100.00 -16.17 -18.78 -16.17 -18.78 0.12 2.49 2.61MktCap1- $0 to $2B 5.27 0.81 -37.93 -26.86 -2.13 -0.23 -0.38 -0.61 -0.98MktCap2- $2B to $10B 23.65 20.06 -13.85 -20.00 -3.25 -4.02 -0.04 1.45 1.40MktCap3- $10B to $20B 21.34 15.31 -12.78 -19.92 -2.56 -3.07 -0.07 1.55 1.48MktCap4- $20B to $100B 30.39 42.15 -19.06 -20.40 -6.11 -8.67 0.21 0.30 0.52Unclassif ied 9.80 6.78 -6.59 -11.30 -0.59 -0.75 0.22 0.43 0.65Cash 3.51 0.00 0.01 0.00 0.00 0.58 0.00 0.58Total -16.17 -18.78

Weights % Return % Contribution % Attribution Effect

Benchmark: MSCI EAFE Index


Page 54

Peer Group Analysis - IM International Multi-Cap Core Equity (MF)


-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Manning & Napier Overseas (EXOSX) -12.51 (67) 2.52 (89) N/A N/A N/A

Å MSCI EAFE Index -8.94 (27) 3.71 (81) 3.80 (50) -30.13 (38) 25.38 (46)

Median -11.04 6.58 3.79 -31.22 25.07

-31.00

-28.00

-25.00

-22.00

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Manning & Napier Overseas (EXOSX) -23.70 (88) -12.51 (67) -12.51 (67) -5.29 (83) N/A N/A N/A

Å MSCI EAFE Index -18.95 (33) -8.94 (27) -8.94 (27) -2.82 (51) -0.66 (48) -9.03 (48) -3.00 (53)

Median -20.53 -11.04 -11.04 -2.73 -1.00 -9.21 -2.93

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Manning & Napier Overseas (EXOSX) 1.88 (32) 5.41 (3) 6.79 (67) 15.18 (74) -13.36 (69) 2.75 (25)

MSCI EAFE Index 1.83 (34) 3.45 (26) 6.65 (71) 16.53 (50) -13.75 (75) 0.94 (76)

IM International Multi-Cap Core Equity (MF) 1.07 2.57 7.15 16.46 -12.39 1.47

Lakeland Employees' Retirement SystemManning & Napier Overseas (EXOSX)

September 30, 2011

Page 55

Manning & Napier Overseas


Top 10 Contributors Weight Return Contrib. Top 10 Portfolio Holdings Weight Return Statistics Portfolio BenchmarkHoldings USTREAS T-Bill Auction Ave 3 Mon 5.22 0.01 Holdings As of Date 9/30/2011 9/30/2011Westport Innovations 0.60 21.79 0.12 Amdocs Ltd. 3.47 -10.76 Number of Holdings 81 1869Land Securities Group PLC 0.18 2.55 0.01 Lonza Group AG 3.28 -22.51 Top 10 Holdings % 31.79 9.26Suzuki Motor Corp 1.01 0.33 0.01 Ryanair Holdings PLC ADR 2.62 -12.24 Top 20 Holdings % 50.84 15.04BML Inc. 0.17 3.97 0.01 Tesco PLC 2.58 -8.76 Weighted Average Market Cap ($mil) 25,065.50 46,671.38USTREAS T-Bill Auction Ave 3 Mon 5.21 0.01 0.00 Sonic Healthcare Limited 2.53 -17.65 Weighted Average P/B 2.35 2.42Ericsson Telephone Company 1.02 -0.22 0.00 Unilever PLC ADR 2.41 -2.70 Weighted Average P/C 10.32 9.60

British Land Co PLC 0.17 -0.96 0.00 Schlumberger NV 2.29 -30.64 Weighted Average P/E 18.59 14.59Distribuidora Internacional De Alimentacion SA 0.24 -5.94 -0.01 Television Francaise 1 SA 2.20 -30.78 Weighted Average P/EBITDA 10.94 11.83

Diana Shipping, Inc. 0.05 -18.82 -0.02 Nestle SA 2.11 -11.11 Weighted Average P/FCF 23.00 165.03Dampskibsselskabet NORDEN A/S 0.10 -15.91 -0.02 Total 28.71 Weighted Average P/S 1.93 2.10

Top 10 Detractors Top 10 Benchmark Holdings Weight ReturnHoldings Nestle SA 1.34 -11.11Carrefour 1.88 -41.49 -0.90 HSBC Holdings PLC 1.04 -20.20Alcatel-Lucent ADR 1.55 -50.95 -0.90 BHP Billiton Ltd 0.89 -26.41CGG Veritas 1.64 -50.83 -0.89 Novartis AG 0.87 -8.56Talisman Energy Inc 1.83 -39.78 -0.80 Vodafone Group PLC 0.87 -2.41All America Latina Logistica SA 1.51 -45.32 -0.76 BP Plc 0.83 -17.00Advantest Corp 1.74 -39.31 -0.71 Royal Dutch Shell PLC 0.78 -11.54Lonza Group AG 3.27 -22.51 -0.71 Roche Holding AG 0.76 -3.08Schlumberger NV 2.29 -30.64 -0.66 Total SA 0.70 -21.51Television Francaise 1 SA 2.19 -30.78 -0.61 GlaxoSmithKline PLC 0.70 -1.87Cochlear Limited 1.42 -40.65 -0.60 Total 8.77


Attribution 7/1/2011 - 9/30/2011



Manning & Napier Overseas 100.00 100.00 -22.84 -19.63 -22.84 -19.63 3.45 -6.67 -3.21

Consumer Discretionary 14.43 9.20 -24.95 -19.75 -3.69 -1.82 0.02 -0.79 -0.77Consumer Staples 19.07 9.08 -15.82 -9.46 -2.99 -0.83 0.96 -1.11 -0.15Energy 8.95 10.91 -37.22 -22.10 -3.28 -2.40 0.06 -1.36 -1.30Financials 6.79 24.24 -25.94 -23.58 -1.75 -5.82 0.69 -0.19 0.50Health Care 11.93 6.54 -23.47 -10.10 -2.82 -0.64 0.51 -1.59 -1.09Industrials 11.81 10.84 -26.29 -23.25 -3.18 -2.56 -0.04 -0.37 -0.41

Information Technology 13.58 6.01 -25.49 -15.19 -3.44 -0.91 0.23 -1.34 -1.11Materials 6.31 12.99 -22.21 -25.88 -1.39 -3.36 0.42 0.22 0.64

Telecommunication Services 1.90 6.11 -13.86 -10.67 -0.30 -0.64 -0.39 -0.13 -0.52Utilities 0.00 4.05 -15.59 0.00 -0.64 -0.16 0.00 -0.16Cash 5.21 0.00 0.01 0.00 0.00 1.15 0.00 1.15Total -22.84 -19.63Attribution 7/1/2011 - 9/30/2011

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark MKTCAP Weighting %


Manning & Napier Overseas 100.00 100.00 -22.84 -19.63 -22.84 -19.63 0.22 -3.43 -3.21MktCap1- $0 to $2B 4.19 1.43 -36.56 -29.57 -1.68 -0.44 -0.28 -0.34 -0.62MktCap2- $2B to $10B 45.16 20.24 -27.41 -20.79 -12.44 -4.21 -0.28 -3.04 -3.32MktCap3- $10B to $20B 17.35 15.32 -24.83 -20.14 -4.42 -3.09 -0.01 -0.81 -0.82MktCap4- $20B to $100B 22.94 37.17 -15.85 -19.75 -3.35 -7.38 -0.01 0.87 0.86Unclassif ied 1.54 13.95 -27.17 -19.79 -0.44 -2.75 0.02 -0.12 -0.10Cash 5.21 0.00 0.01 0.00 0.00 1.15 0.00 1.15Total -22.84 -19.63Benchmark: MSCI ACWI ex US Index



Page 56

Peer Group Analysis - IM U.S. Broad Market Core Fixed Income (SA+CF)


-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Total Domestic Fixed Income 4.22 (90) 11.03 (19) 14.41 (21) -5.02 (94) 5.62 (16)

Å Total Fixed Income Policy 5.26 (48) 8.16 (87) 10.55 (80) 3.39 (38) 5.28 (38)

Median 5.24 9.23 12.32 2.48 5.16

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total Domestic Fixed Income 1.88 (93) 4.22 (90) 4.22 (90) 7.57 (34) 9.81 (25) 5.90 (88) 5.84 (87)

Å Total Fixed Income Policy 3.82 (24) 5.26 (48) 5.26 (48) 6.70 (78) 7.97 (83) 6.81 (69) 6.50 (70)

Median 3.29 5.24 5.24 7.20 9.00 7.30 6.88

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total Domestic Fixed Income 2.03 (83) 1.02 (23) -0.76 (25) 3.64 (7) 2.86 (85) 2.70 (20)

Total Fixed Income Policy 2.29 (38) 0.42 (80) -1.30 (73) 2.48 (84) 3.49 (44) 1.78 (79)

IM U.S. Broad Market Core Fixed Income (SA+CF) 2.24 0.67 -1.12 2.81 3.40 2.13

Lakeland Employees' Retirement SystemTotal Domestic Fixed Income

September 30, 2011

Page 57







0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ Total Domestic Fixed Income 20 2 (10%) 2 (10%) 5 (25%) 11 (55%)

Å Total Fixed Income Policy 20 0 (0%) 5 (25%) 7 (35%) 8 (40%)Over Performance Under Performance Dec-2006 Sep-2011

0.0

2.0

4.0

6.0

8.0

10.0

To

tal

Do

mes

tic

Fix

ed I

nco

me

(%)

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0

Total Fixed Income Policy (%)

Over

Performance

Under

Performance

5.20

6.50

7.80

9.10

10.40

Re

turn

(%

)

2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50



¢ Total Domestic Fixed Income 9.81 4.25

Å Total Fixed Income Policy 7.97 3.50

¾ Median 9.00 3.71

2.00

4.00

6.00

8.00

Re

turn

(%

)

2.40 2.80 3.20 3.60 4.00 4.40 4.80 5.20 5.60 6.00 6.40 6.80 7.20



¢ Total Domestic Fixed Income 5.84 5.30

Å Total Fixed Income Policy 6.50 3.49

¾ Median 6.88 3.78

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Domestic Fixed Income 3.50 121.75 118.14 1.42 0.50 1.75 1.05 3.05

Total Fixed Income Policy 0.00 100.00 100.00 0.00 N/A 2.01 1.00 1.6590 Day U.S. Treasury Bill 3.76 1.42 -3.06 0.24 -2.01 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Total Domestic Fixed Income 3.58 104.53 142.30 -1.56 -0.15 0.75 1.16 3.73

Total Fixed Income Policy 0.00 100.00 100.00 0.00 N/A 1.32 1.00 1.5990 Day U.S. Treasury Bill 3.54 14.16 -22.33 1.74 -1.32 N/A 0.00 0.01

Lakeland Employees' Retirement SystemTotal Domestic Fixed Income

September 30, 2011

Page 58

Peer Group Analysis - IM U.S. Broad Market (SA+CF)


-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

20.00

23.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Loomis Sayles Fixed Income 4.59 (74) 12.01 (19) 17.79 (9) -11.43 (99) 6.05 (10)

Å Barclays Capital Aggregate 5.26 (45) 8.16 (92) 10.56 (84) 3.65 (27) 5.14 (58)

Median 5.18 9.81 12.79 1.57 5.23

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Loomis Sayles Fixed Income 1.59 (85) 4.59 (74) 4.59 (74) 8.24 (25) 11.33 (10) 5.14 (94) 5.32 (93)

Å Barclays Capital Aggregate 3.82 (21) 5.26 (45) 5.26 (45) 6.70 (83) 7.97 (90) 6.88 (70) 6.53 (71)

Median 2.97 5.18 5.18 7.45 9.38 7.34 6.90

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Loomis Sayles Fixed Income 1.93 (86) 1.43 (18) -0.42 (20) 4.19 (10) 2.54 (85) 3.09 (18)

Barclays Capital Aggregate 2.29 (33) 0.42 (84) -1.30 (73) 2.48 (90) 3.49 (36) 1.78 (84)

IM U.S. Broad Market (SA+CF) 2.20 0.83 -0.96 3.01 3.32 2.32

Lakeland Employees' Retirement SystemLoomis Sayles Fixed Income

September 30, 2011

Page 59







0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ Loomis Sayles Fixed Income 20 1 (5%) 4 (20%) 1 (5%) 14 (70%)

Å Barclays Capital Aggregate 20 0 (0%) 6 (30%) 6 (30%) 8 (40%)Over Performance Under Performance Dec-2006 Sep-2011

0.0

3.0

6.0

9.0

12.0

Lo

om

is S

ayl

es F

ixed

In

com

e (%

)

-2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0

Barclays Capital Aggregate (%)

Over

Performance

Under

Performance

3.00

6.00

9.00

12.00

Re

turn

(%

)

0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00



¢ Loomis Sayles Fixed Income 11.33 5.61

Å Barclays Capital Aggregate 7.97 3.45

¾ Median 9.38 3.99

2.00

4.00

6.00

8.00

Re

turn

(%

)

0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00



¢ Loomis Sayles Fixed Income 5.32 7.68

Å Barclays Capital Aggregate 6.53 3.37

¾ Median 6.90 4.06

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Loomis Sayles Fixed Income 4.86 138.23 127.08 1.59 0.67 1.57 1.21 4.05

Barclays Capital Aggregate 0.00 100.00 100.00 0.00 N/A 1.88 1.00 1.8790 Day U.S. Treasury Bill 4.01 1.38 -2.79 0.24 -1.88 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Loomis Sayles Fixed Income 5.80 117.35 206.20 -3.48 -0.16 0.49 1.41 5.69

Barclays Capital Aggregate 0.00 100.00 100.00 0.00 N/A 1.28 1.00 1.6790 Day U.S. Treasury Bill 3.67 13.52 -23.23 1.76 -1.28 N/A -0.01 0.01

Lakeland Employees' Retirement SystemLoomis Sayles Fixed Income

September 30, 2011

Page 60

Peer Group Analysis - IM U.S. Intermediate Duration (SA+CF)


-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Pyramis Intermediate Fixed 3.65 (48) 9.41 (23) 11.14 (58) 0.77 (77) 5.16 (83)

Å Barclays Intermediate U.S. G/C 3.40 (59) 7.77 (70) 10.01 (80) 3.13 (51) 5.43 (59)

Median 3.59 8.27 11.53 3.21 5.49

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Pyramis Intermediate Fixed 2.25 (35) 3.65 (48) 3.65 (48) 6.49 (22) 8.02 (44) 6.16 (72) 5.96 (76)

Å Barclays Intermediate U.S. G/C 2.39 (29) 3.40 (59) 3.40 (59) 5.56 (70) 7.02 (82) 6.04 (80) 5.92 (78)

Median 2.01 3.59 3.59 5.93 7.84 6.61 6.40

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Pyramis Intermediate Fixed 2.20 (14) 0.43 (73) -1.24 (62) 2.83 (44) 3.33 (9) 2.11 (34)

Barclays Intermediate U.S. G/C 2.12 (28) 0.34 (84) -1.44 (85) 2.76 (53) 2.97 (36) 1.54 (79)

IM U.S. Intermediate Duration (SA+CF) 2.00 0.60 -1.09 2.78 2.85 1.85

Lakeland Employees' Retirement SystemPyramis Intermediate Fixed

September 30, 2011

Page 61







0.0

25.0

50.0

75.0

100.0

Ret

urn

Per

cen

tile

Ra

nk

12/06 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 9/11

Total Period5-25

Count25-Median

CountMedian-75

Count75-95Count

¢ Pyramis Intermediate Fixed 19 3 (16%) 1 (5%) 5 (26%) 10 (53%)

Å Barclays Intermediate U.S. G/C 20 0 (0%) 2 (10%) 9 (45%) 9 (45%)Over Performance Under Performance Dec-2006 Sep-2011

2.0

4.0

6.0

8.0

Pyr

am

is I

nte

rmed

iate

Fix

ed (

%)

1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5

Barclays Intermediate U.S. G/C (%)

Over

Performance

Under

Performance

2.00

4.00

6.00

8.00

10.00

Re

turn

(%

)

1.20 1.60 2.00 2.40 2.80 3.20 3.60 4.00 4.40 4.80 5.20 5.60 6.00



¢ Pyramis Intermediate Fixed 8.02 3.40

Å Barclays Intermediate U.S. G/C 7.02 3.29

¾ Median 7.84 3.32

3.30

4.40

5.50

6.60

7.70

Re

turn

(%

)

1.80 2.10 2.40 2.70 3.00 3.30 3.60 3.90 4.20 4.50 4.80 5.10 5.40



¢ Pyramis Intermediate Fixed 5.96 3.44

Å Barclays Intermediate U.S. G/C 5.92 3.42

¾ Median 6.40 3.44

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Pyramis Intermediate Fixed 2.54 113.46 111.98 1.43 0.38 1.83 0.93 2.35

Barclays Intermediate U.S. G/C 0.00 100.00 100.00 0.00 N/A 1.92 1.00 1.4990 Day U.S. Treasury Bill 3.46 1.44 -3.76 0.22 -1.92 N/A 0.00 0.01

TrackingError

UpMarketCapture

DownMarketCapture

AlphaInformation

RatioSharpeRatio

BetaDownside

Risk

Pyramis Intermediate Fixed 2.10 102.89 108.03 0.49 0.03 1.08 0.93 2.19

Barclays Intermediate U.S. G/C 0.00 100.00 100.00 0.00 N/A 1.22 1.00 1.6090 Day U.S. Treasury Bill 3.38 16.77 -16.12 1.69 -1.22 N/A 0.00 0.01

Lakeland Employees' Retirement SystemPyramis Intermediate Fixed

September 30, 2011

Page 62

Peer Group Analysis - IM Global Fixed Income (MF)


-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

20.00

23.00

26.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Total Global Fixed Income N/A N/A N/A N/A N/A

Å Barclays Capital Global Aggregate 4.00 (11) 6.06 (88) 13.51 (48) 2.80 (19) 8.20 (45)

Median 1.44 8.00 13.40 -1.41 7.59

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00R

etu

rn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total Global Fixed Income N/A N/A N/A N/A N/A N/A N/A

Å Barclays Capital Global Aggregate 0.97 (32) 4.00 (11) 4.00 (11) 5.02 (47) 7.78 (42) 6.51 (28) 6.85 (25)

Median -1.44 1.44 1.44 4.79 7.38 5.26 5.78

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total Global Fixed Income N/A N/A N/A N/A N/A N/A

Barclays Capital Global Aggregate 3.10 (16) 1.24 (66) -1.33 (56) 7.30 (56) -0.04 (54) -0.27 (94)

IM Global Fixed Income (MF) 2.28 1.56 -1.10 7.43 0.41 1.33

Lakeland Employees' Retirement SystemTotal Global Fixed Income

September 30, 2011

Page 63



-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

20.00

23.00

26.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ PIMCO Diversified (PDIIX) N/A N/A N/A N/A N/A

Å Barclays Capital Global Credit (Hedged) 1.69 (44) 11.05 (34) 15.99 (25) -4.40 (80) 3.82 (84)

Median 1.44 8.00 13.40 -1.41 7.59

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ PIMCO Diversified (PDIIX) N/A N/A N/A N/A N/A N/A N/A

Å Barclays Capital Global Credit (Hedged) 0.18 (40) 1.69 (44) 1.69 (44) 6.27 (35) 9.41 (31) 5.78 (36) 5.39 (56)

Median -1.44 1.44 1.44 4.79 7.38 5.26 5.78

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

PIMCO Diversified (PDIIX) N/A N/A N/A N/A N/A N/A

Barclays Capital Global Credit (Hedged) 1.70 (68) 0.91 (71) -1.10 (50) 4.34 (68) 1.62 (29) 2.98 (23)


Lakeland Employees' Retirement SystemPIMCO Diversified (PDIIX)

September 30, 2011

Page 64



-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

20.00

23.00

26.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Templeton Global Total Return (TTRZX) N/A N/A N/A N/A N/A

Å Barclays Capital Global Aggregate 4.00 (11) 6.06 (88) 13.51 (48) 2.80 (19) 8.20 (45)

Median 1.44 8.00 13.40 -1.41 7.59

-10.00

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Templeton Global Total Return (TTRZX) N/A N/A N/A N/A N/A N/A N/A

Å Barclays Capital Global Aggregate 0.97 (32) 4.00 (11) 4.00 (11) 5.02 (47) 7.78 (42) 6.51 (28) 6.85 (25)

Median -1.44 1.44 1.44 4.79 7.38 5.26 5.78

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Templeton Global Total Return (TTRZX) N/A N/A N/A N/A N/A N/A

Barclays Capital Global Aggregate 3.10 (16) 1.24 (66) -1.33 (56) 7.30 (56) -0.04 (54) -0.27 (94)


Lakeland Employees' Retirement SystemTempleton Global Total Return (TTRZX)

September 30, 2011

Page 65


Page 66

Peer Group Analysis - IM U.S. Open End Private Real Estate (SA+CF)


-70.00

-60.00

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Total Real Estate N/A N/A N/A N/A N/A

Å NCREIF ODCE 18.27 (52) 6.97 (47) -35.19 (53) 3.18 (52) 18.21 (56)

Median 18.32 6.60 -33.44 3.47 18.53

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

20.00

23.00

26.00

29.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Total Real Estate 3.29 (54) N/A N/A N/A N/A N/A N/A

Å NCREIF ODCE 3.52 (47) 18.27 (52) 18.27 (52) 12.48 (37) -6.40 (45) -4.09 (47) 0.00 (45)

Median 3.39 18.32 18.32 11.73 -8.53 -5.13 -1.10

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Total Real Estate 4.52 (54) 3.57 (81) N/A N/A N/A N/A

NCREIF ODCE 4.62 (53) 4.01 (69) 4.99 (31) 5.45 (53) 4.32 (30) 0.75 (44)

IM U.S. Open End Private Real Estate (SA+CF) 4.79 4.49 4.55 5.90 3.47 0.68

Lakeland Employees' Retirement SystemTotal Real Estate

September 30, 2011

Page 67



-70.00

-60.00

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ JP Morgan Real Estate N/A N/A N/A N/A N/A

Å NCREIF ODCE 18.27 (52) 6.97 (47) -35.19 (53) 3.18 (52) 18.21 (56)

Median 18.32 6.60 -33.44 3.47 18.53

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

20.00

23.00

26.00

29.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ JP Morgan Real Estate 3.22 (56) N/A N/A N/A N/A N/A N/A

Å NCREIF ODCE 3.52 (47) 18.27 (52) 18.27 (52) 12.48 (37) -6.40 (45) -4.09 (47) 0.00 (45)

Median 3.39 18.32 18.32 11.73 -8.53 -5.13 -1.10

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

JP Morgan Real Estate 5.32 (25) 3.51 (85) N/A N/A N/A N/A

NCREIF ODCE 4.62 (53) 4.01 (69) 4.99 (31) 5.45 (53) 4.32 (30) 0.75 (44)


Lakeland Employees' Retirement SystemJP Morgan Real Estate

September 30, 2011

Page 68



-70.00

-60.00

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

Ret

urn

Oct-2010To

Sep-2011

Oct-2009To

Sep-2010

Oct-2008To

Sep-2009

Oct-2007To

Sep-2008

Oct-2006To

Sep-2007

¢ Cornerstone Fund VIII N/A N/A N/A N/A N/A

Å NCREIF ODCE 18.27 (52) 6.97 (47) -35.19 (53) 3.18 (52) 18.21 (56)

Median 18.32 6.60 -33.44 3.47 18.53

-19.00

-16.00

-13.00

-10.00

-7.00

-4.00

-1.00

2.00

5.00

8.00

11.00

14.00

17.00

20.00

23.00

26.00

29.00

Ret

urn

1Quarter

Oct-2010To

Sep-2011

1Year

2Years

3Years

4Years

5Years

¢ Cornerstone Fund VIII 2.51 (81) N/A N/A N/A N/A N/A N/A

Å NCREIF ODCE 3.52 (47) 18.27 (52) 18.27 (52) 12.48 (37) -6.40 (45) -4.09 (47) 0.00 (45)

Median 3.39 18.32 18.32 11.73 -8.53 -5.13 -1.10

1QuarterEnding

Jun-2011

1QuarterEnding

Mar-2011

1QuarterEnding

Dec-2010

1QuarterEnding

Sep-2010

1QuarterEnding

Jun-2010

1QuarterEnding

Mar-2010

Cornerstone Fund VIII N/A N/A N/A N/A N/A N/A

NCREIF ODCE 4.62 (53) 4.01 (69) 4.99 (31) 5.45 (53) 4.32 (30) 0.75 (44)


Lakeland Employees' Retirement SystemCornerstone Fund VIII

September 30, 2011

Page 69

Allocation Mandate Weight (%)

Jan-2001

zz - Lakeland General Total Fund Policy 100.00

Oct-2008

S&P 500 45.00

Barclays Capital Aggregate 17.50

Barclays Capital Intermediate U.S. Gov/Credit 17.50

Russell 2500 Index 10.00

MSCI EAFE Index 10.00

Jul-2009



Barclays Capital U.S. Treasury: U.S. TIPS 5.00

MSCI AC World ex USA 15.00

Jan-2011





NCREIF Fund Index-ODCE (VW) (Net) 5.00

Feb-2011





NCREIF Fund Index-Open End Diversified Core (EW) 5.00

Barclay BTOP 50 5.00


Total Fund Policy


None

Page 70

Total Equity Policy Total Domestic Equity Policy

Total Fixed Income Policy

Total International Policy

Lord Abbett Policy

Allocation Mandate Weight (%) Proxy Description

Jan-2001

Wilshire 5000 Total Market Index (full-cap) 100.00

Jul-2009


Allocation Mandate Weight (%)

Jan-2001



Oct-2008



Jul-2009


MSCI AC World Index 20.00Allocation Mandate Weight (%) Proxy Description Style Description

Jan-1996

S&P 500/Citigroup Value 100.00

Jul-2009

Russell 1000 Value Index 100.00

Apr-2011

Russell 3000 Value Index 100.00Allocation Mandate Weight (%)

Jan-2001

Barclays Capital Intermediate U.S. Gov/Credit 50.00


Jul-2009


Allocation Mandate Weight (%) Proxy Description Style Description

Jan-2000


Jul-2009



Benchmark History

As of September 30,2011

Page 71

Statistics Description

Return Compounded rate of return for the period.--

Standard Deviation A statistical measure of the range of a portfolio's performance, the variability of a return around its average return over aspecified time period.

--

Sharpe Ratio Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result isthe absolute rate of return per unit of risk. The higher the value, the better the product’s historical risk-adjusted performance.

--

Alpha A measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measuredby beta. It is a measure of the portfolio's historical performance not explained by movements of the market, or a portfolio'snon-systematic return.

--

Beta A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of a portfolio's non-diversifiable orsystematic risk.

--

R-Squared The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Square means ahigher correlation of the portfolio's performance to the appropriate benchmark.

--

Treynor Ratio Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Represents the excess rate of return overthe risk free rate divided by the beta. The result is the absolute rate of return per unit of risk. The higher the value, the better theproduct’s historical risk-adjusted performance.

--

Downside Risk A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated bytaking the standard deviation of the negative quarterly set of returns. The higher the factor, the riskier the product.

--

Tracking Error A measure of the standard deviation of a portfolio's performance relative to the performance of an appropriate marketbenchmark.

--

Information Ratio Measured by dividing the active rate of return by the tracking error. The higher the Information Ratio, the more value-addedcontribution by the manager.

--

Consistency The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistencyfigure, the more value a manager has contributed to the product’s performance.

--

Excess Return Arithmetic difference between the managers return and the risk-free return over a specified time period.--

Active Return Arithmetic difference between the managers return and the benchmark return over a specified time period.--

Excess Risk A measure of the standard deviation of a portfolio's performance relative to the risk free return.--

--

Up Market Capture The ratio of average portfolio return over the benchmark during periods of positive benchmark return. Higher values indicatebetter product performance.

--

Down Market Capture The ratio of average portfolio return over the benchmark during periods of negative benchmark return. Lower values indicatebetter product performance.

--

Statistics Definitions

Calculation based on monthly periodicity.

Page 72

2011-09-30 Lakeland General (quarterly report)

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